PNC Financial Services Group Inc. Purchases 42,697 Shares of TechnipFMC plc $FTI

PNC Financial Services Group Inc. boosted its position in TechnipFMC plc (NYSE:FTI) by 135.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,194 shares of the oil and gas company’s stock after purchasing an additional 42,697 shares during the quarter. PNC Financial Services Group Inc.’s holdings in TechnipFMC were worth $5,129,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTI. V Square Quantitative Management LLC bought a new stake in shares of TechnipFMC in the first quarter valued at about $26,000. Newbridge Financial Services Group Inc. acquired a new position in shares of TechnipFMC in the third quarter valued at about $32,000. Geneos Wealth Management Inc. increased its position in TechnipFMC by 45.3% during the first quarter. Geneos Wealth Management Inc. now owns 1,090 shares of the oil and gas company’s stock worth $35,000 after acquiring an additional 340 shares during the period. Ascentis Independent Advisors bought a new position in TechnipFMC during the first quarter worth about $37,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in TechnipFMC in the 4th quarter worth about $41,000. 96.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on FTI. The Goldman Sachs Group restated a “buy” rating on shares of TechnipFMC in a research report on Wednesday, June 3rd. UBS Group set a $80.00 price target on shares of TechnipFMC in a research report on Wednesday, June 3rd. Evercore reiterated an “outperform” rating and issued a $83.00 price target on shares of TechnipFMC in a research note on Friday, May 1st. Piper Sandler increased their price target on TechnipFMC from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Finally, Susquehanna lowered their price objective on TechnipFMC from $90.00 to $85.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $69.64.

TechnipFMC Trading Down 2.3%

Shares of TechnipFMC stock opened at $74.95 on Tuesday. The company has a market capitalization of $29.88 billion, a price-to-earnings ratio of 28.61, a PEG ratio of 1.61 and a beta of 0.70. The company has a quick ratio of 0.88, a current ratio of 1.13 and a debt-to-equity ratio of 0.13. TechnipFMC plc has a 12-month low of $34.27 and a 12-month high of $77.92. The firm’s 50-day moving average price is $69.56 and its two-hundred day moving average price is $66.50.

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

About TechnipFMC

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.