Primecap Management Co. CA Invests $90.16 Million in TechnipFMC plc $FTI

Primecap Management Co. CA bought a new position in shares of TechnipFMC plc (NYSE:FTI) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 1,359,870 shares of the oil and gas company’s stock, valued at approximately $90,159,000.

Several other institutional investors have also recently added to or reduced their stakes in FTI. PDT Partners LLC bought a new stake in TechnipFMC during the second quarter worth about $6,843,000. Canada Pension Plan Investment Board bought a new position in shares of TechnipFMC in the second quarter valued at approximately $11,119,000. Manatuck Hill Partners LLC bought a new position in shares of TechnipFMC in the second quarter valued at approximately $464,000. Castleark Management LLC acquired a new position in shares of TechnipFMC in the 2nd quarter worth approximately $2,962,000. Finally, Legal & General Group Plc bought a new stake in TechnipFMC during the 2nd quarter worth approximately $149,673,000. 96.58% of the stock is owned by institutional investors.

Insider Buying and Selling at TechnipFMC

In other TechnipFMC news, Director Eric D. Mullins purchased 6,365 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $78.55 per share, with a total value of $499,970.75. Following the completion of the purchase, the director directly owned 8,070 shares in the company, valued at approximately $633,898.50. This represents a 373.31% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is currently owned by company insiders.

TechnipFMC Stock Up 0.7%

NYSE FTI opened at $75.71 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.85 and a current ratio of 1.08. TechnipFMC plc has a 52 week low of $35.29 and a 52 week high of $80.55. The stock has a market capitalization of $29.69 billion, a P/E ratio of 26.29, a price-to-earnings-growth ratio of 1.54 and a beta of 0.72. The stock has a fifty day moving average of $71.62 and a 200-day moving average of $69.70.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.11. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.67 billion. TechnipFMC had a return on equity of 36.54% and a net margin of 11.28%.The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.68 earnings per share. On average, equities research analysts forecast that TechnipFMC plc will post 3.09 EPS for the current year.

TechnipFMC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th will be given a dividend of $0.05 per share. The ex-dividend date is Tuesday, August 18th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. TechnipFMC’s payout ratio is currently 6.94%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Barclays lifted their price objective on TechnipFMC from $70.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Wall Street Zen cut TechnipFMC from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Citigroup raised their target price on TechnipFMC from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Royal Bank Of Canada upped their price target on shares of TechnipFMC from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, May 1st. Finally, Zacks Research lowered shares of TechnipFMC from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. One 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $69.64.

TechnipFMC Company 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.