Jennison Associates LLC Sells 422,653 Shares of TechnipFMC plc $FTI

Jennison Associates LLC lowered its position in TechnipFMC plc (NYSE:FTI) by 21.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,588,524 shares of the oil and gas company’s stock after selling 422,653 shares during the period. Jennison Associates LLC’s holdings in TechnipFMC were worth $109,815,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of FTI. Dorsey Wright & Associates increased its holdings in TechnipFMC by 127.5% during the 1st quarter. Dorsey Wright & Associates now owns 279,064 shares of the oil and gas company’s stock valued at $19,292,000 after purchasing an additional 156,386 shares in the last quarter. California Public Employees Retirement System boosted its stake in TechnipFMC by 13.1% in the first quarter. California Public Employees Retirement System now owns 1,003,504 shares of the oil and gas company’s stock worth $69,372,000 after purchasing an additional 116,062 shares in the last quarter. Kera Capital Partners Inc. boosted its stake in TechnipFMC by 6.5% in the first quarter. Kera Capital Partners Inc. now owns 11,172 shares of the oil and gas company’s stock worth $772,000 after purchasing an additional 681 shares in the last quarter. Gryphon Financial Partners LLC bought a new stake in shares of TechnipFMC during the first quarter worth $331,000. Finally, Assetmark Inc. grew its holdings in shares of TechnipFMC by 35.4% during the first quarter. Assetmark Inc. now owns 21,735 shares of the oil and gas company’s stock worth $1,503,000 after purchasing an additional 5,679 shares during the last quarter. 96.58% of the stock is owned by institutional investors and hedge funds.

TechnipFMC Stock Up 0.0%

NYSE FTI opened at $72.09 on Monday. The stock has a fifty day moving average of $69.26 and a 200-day moving average of $65.29. The stock has a market capitalization of $28.74 billion, a P/E ratio of 27.52, a price-to-earnings-growth ratio of 1.52 and a beta of 0.70. TechnipFMC plc has a 52 week low of $31.88 and a 52 week high of $77.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 1.13.

TechnipFMC (NYSE:FTI) last released its earnings results on Thursday, April 30th. The oil and gas company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. TechnipFMC had a return on equity of 34.06% and a net margin of 10.62%.The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.52 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities research analysts forecast that TechnipFMC plc will post 3.01 EPS for the current year.

TechnipFMC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Tuesday, May 19th. TechnipFMC’s payout ratio is currently 7.63%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings raised TechnipFMC from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 14th. UBS Group set a $80.00 price objective on shares of TechnipFMC in a report on Wednesday, June 3rd. Wall Street Zen upgraded shares of TechnipFMC from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Barclays raised their price objective on shares of TechnipFMC from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Citigroup upped their target price on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $69.64.

TechnipFMC Profile

TechnipFMC is an integrated oilfield services and technology company that designs, manufactures and delivers systems and services for the energy industry. The company’s activities span the full lifecycle of oil and gas projects, with capabilities in subsea production systems, surface wellhead and intervention equipment, and onshore/offshore engineering and construction. TechnipFMC combines engineering and project management with fabrication, installation and maintenance services to help operators develop and produce hydrocarbon resources.

Its product and service portfolio includes subsea hardware such as trees, manifolds, umbilicals, risers and flowlines, as well as surface equipment for drilling, completions and well intervention.