State of Michigan Retirement System Buys New Holdings in TechnipFMC plc $FTI

State of Michigan Retirement System purchased a new position in shares of TechnipFMC plc (NYSE:FTI) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 97,900 shares of the oil and gas company’s stock, valued at approximately $3,862,000.

Other large investors also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its position in shares of TechnipFMC by 45.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 340 shares during the last quarter. Hantz Financial Services Inc. raised its stake in TechnipFMC by 1.5% in the third quarter. Hantz Financial Services Inc. now owns 24,019 shares of the oil and gas company’s stock valued at $948,000 after buying an additional 365 shares in the last quarter. Gries Financial LLC lifted its holdings in TechnipFMC by 6.2% during the 3rd quarter. Gries Financial LLC now owns 6,745 shares of the oil and gas company’s stock worth $266,000 after buying an additional 391 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of TechnipFMC by 2.9% during the 3rd quarter. SG Americas Securities LLC now owns 14,508 shares of the oil and gas company’s stock worth $572,000 after acquiring an additional 408 shares in the last quarter. Finally, Quadcap Wealth Management LLC boosted its position in shares of TechnipFMC by 3.3% during the 2nd quarter. Quadcap Wealth Management LLC now owns 16,256 shares of the oil and gas company’s stock worth $560,000 after acquiring an additional 521 shares in the last quarter. 96.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FTI has been the subject of several recent analyst reports. Barclays boosted their target price on TechnipFMC from $51.00 to $53.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. UBS Group restated an “outperform” rating on shares of TechnipFMC in a research report on Tuesday, October 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TechnipFMC in a research report on Thursday, January 22nd. Citigroup boosted their price target on shares of TechnipFMC from $45.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, TD Cowen reaffirmed a “buy” rating on shares of TechnipFMC in a report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.58.

TechnipFMC Trading Up 0.4%

NYSE FTI opened at $60.23 on Wednesday. The firm’s fifty day moving average is $49.88 and its two-hundred day moving average is $42.92. TechnipFMC plc has a one year low of $22.11 and a one year high of $60.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.90 and a current ratio of 1.13. The firm has a market cap of $24.36 billion, a PE ratio of 26.89, a P/E/G ratio of 1.16 and a beta of 0.69.

TechnipFMC declared that its Board of Directors has approved a share buyback program on Wednesday, October 22nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the oil and gas company to buy up to 13.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

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.