Perigon Wealth Management LLC has acquired a new stake in TechnipFMC plc, purchasing 13,762 shares valued at approximately $543,000. This transaction was disclosed in the firm’s recent 13F filing with the U.S. Securities and Exchange Commission (SEC), indicating increasing institutional interest in the oil and gas company.
Additional institutional investors have also adjusted their positions in TechnipFMC during the third quarter. BankPlus Trust Department established a new stake valued at around $214,000, while Ellsworth Advisors LLC invested $4.4 million for a new position. Notably, Blue Trust Inc. dramatically increased its holdings by 5,475%, now owning 669 shares worth $26,000 after purchasing an additional 657 shares. Furthermore, Sheets Smith Wealth Management acquired shares valued at $396,000, and CWM LLC raised its stake by 120.3%, now holding 367,180 shares worth $14.5 million. Collectively, hedge funds and institutional investors now own 96.58% of TechnipFMC’s stock.
Analyst Ratings and Price Targets
TechnipFMC has recently come under the scrutiny of financial analysts, with several rating changes noted in the past weeks. Zacks Research downgraded the company from a “strong-buy” to a “hold” rating on November 10. In contrast, UBS Group maintained an “outperform” rating on October 28. Piper Sandler has increased its price target from $49.00 to $52.00, assigning an “overweight” rating in a report released on December 18. Additionally, JPMorgan Chase & Co. raised its price objective from $41.00 to $43.00, also giving the stock an “overweight” rating on October 2. Weiss Ratings reaffirmed a “buy (b)” rating on October 8.
Currently, one research analyst rates TechnipFMC as a “Strong Buy,” eleven analysts give it a “Buy” rating, and three analysts have assigned a “Hold” rating. Data from MarketBeat.com reveals a consensus rating of “Moderate Buy” and a target price of $46.92.
TechnipFMC’s Financial Performance
As of Friday, TechnipFMC shares opened at $44.56. The company’s financial ratios indicate a current ratio of 1.13, a quick ratio of 0.90, and a debt-to-equity ratio of 0.14. Over the past year, the stock has fluctuated between a low of $22.11 and a high of $47.33. The firm has a market capitalization of $18.03 billion, a PE ratio of 19.89, and a beta of 0.66.
In its latest earnings report, released on October 23, TechnipFMC reported earnings per share of $0.75, exceeding analysts’ expectations of $0.65. The company’s revenue for the quarter reached $2.65 billion, which also surpassed the projected $2.60 billion. This represents a 12.7% increase in revenue compared to the same quarter in the previous year.
In a bid to enhance shareholder value, TechnipFMC’s Board of Directors approved a stock repurchase plan on October 22, allowing the company to buy back up to $2.00 billion in shares, equivalent to 13.3% of its stock. Such buyback initiatives typically reflect management’s belief that the company’s shares are undervalued.
TechnipFMC also announced a quarterly dividend of $0.05 per share, which was paid on December 3. Shareholders of record as of November 18 received this dividend, resulting in an annualized dividend yield of 0.4%.
About TechnipFMC
TechnipFMC is a global leader in integrated oilfield services and technology, providing innovative solutions across the energy sector. The company specializes in the design, manufacture, and delivery of systems and services throughout the lifecycle of oil and gas projects. Its extensive capabilities include subsea production systems, surface wellhead and intervention equipment, and comprehensive engineering and construction services for both onshore and offshore operations.
The firm’s diverse product and service portfolio encompasses a wide array of subsea hardware, including trees, manifolds, umbilicals, and flowlines, along with surface equipment tailored for drilling, completions, and well interventions. TechnipFMC’s integrated approach combines engineering and project management with fabrication, installation, and maintenance services, empowering operators to effectively develop and produce hydrocarbon resources.
