Castleark Management LLC Invests $2.96 Million in TechnipFMC plc $FTI

Castleark Management LLC purchased a new stake in TechnipFMC plc (NYSE:FTI) during the second quarter, according to its most recent filing with the SEC. The firm purchased 44,676 shares of the oil and gas company’s stock, valued at approximately $2,962,000.

Several other hedge funds and other institutional investors have also bought and sold shares of FTI. Focus Partners Advisor Solutions LLC bought a new position in TechnipFMC in the 2nd quarter valued at approximately $3,470,000. Chase Investment Counsel Corp purchased a new position in shares of TechnipFMC in the second quarter worth $12,397,000. Globeflex Capital L P bought a new position in shares of TechnipFMC during the second quarter valued at $1,011,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of TechnipFMC during the second quarter valued at $8,407,000. Finally, BankChampaign National Association purchased a new stake in shares of TechnipFMC during the first quarter valued at $1,157,000. Institutional investors own 96.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTI. Weiss Ratings raised shares of TechnipFMC from a “buy (b)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Barclays increased 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. Citigroup raised their target price on shares of TechnipFMC from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Wall Street Zen downgraded shares of TechnipFMC from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Evercore reiterated an “outperform” rating and set a $83.00 target price on shares of TechnipFMC in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.64.

Insider Buying and Selling at TechnipFMC

In other news, Director Eric D. Mullins bought 6,365 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $78.55 per share, with a total value of $499,970.75. Following the acquisition, the director owned 8,070 shares of the company’s stock, valued at approximately $633,898.50. This represents a 373.31% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.40% of the company’s stock.

TechnipFMC Stock Up 0.7%

FTI opened at $75.71 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.85 and a debt-to-equity ratio of 0.10. TechnipFMC plc has a 1-year low of $35.29 and a 1-year high of $80.55. The company has a market capitalization of $29.69 billion, a PE ratio of 26.29, a PEG ratio of 1.54 and a beta of 0.72. The firm’s 50 day simple moving average is $71.62 and its two-hundred day simple moving average is $69.70.

TechnipFMC (NYSE:FTI) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.11. The firm 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 business’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. As a group, equities analysts forecast that TechnipFMC plc will post 3.09 EPS for the current year.

TechnipFMC Dividend Announcement

The company also recently disclosed 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. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Tuesday, August 18th. TechnipFMC’s dividend payout ratio (DPR) is presently 6.94%.

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.