Castleark Management LLC Sells 65,710 Shares of TechnipFMC plc $FTI

Castleark Management LLC lessened its holdings in shares of TechnipFMC plc (NYSE:FTI) by 32.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 135,176 shares of the oil and gas company’s stock after selling 65,710 shares during the quarter. Castleark Management LLC’s holdings in TechnipFMC were worth $9,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in TechnipFMC in the first quarter valued at about $26,000. Ascentis Independent Advisors acquired a new stake in shares of TechnipFMC during the first quarter worth about $37,000. First Pacific Financial acquired a new stake in shares of TechnipFMC during the first quarter worth about $52,000. Newbridge Financial Services Group Inc. bought a new position in shares of TechnipFMC during the 3rd quarter valued at about $32,000. Finally, Summit Securities Group LLC bought a new position in shares of TechnipFMC during the 1st quarter valued at about $60,000. 96.58% of the stock is currently owned by institutional investors.

TechnipFMC Price Performance

Shares of FTI opened at $76.70 on Monday. 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 twelve month low of $34.27 and a twelve month high of $77.92. The stock has a market capitalization of $30.58 billion, a P/E ratio of 29.28, a P/E/G ratio of 1.61 and a beta of 0.70. The company has a 50 day moving average of $69.53 and a 200-day moving average of $66.31.

TechnipFMC (NYSE:FTI) last announced its quarterly earnings data on Thursday, April 30th. The oil and gas company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.07. TechnipFMC had a net margin of 10.62% and a return on equity of 34.06%. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.52 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that TechnipFMC plc will post 3.01 EPS for the current fiscal year.

TechnipFMC Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 19th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.20 annualized dividend and a yield of 0.3%. TechnipFMC’s payout ratio is 7.63%.

Analyst Ratings Changes

FTI has been the subject of several research analyst reports. Barclays boosted 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. UBS Group set a $80.00 price target on shares of TechnipFMC in a research note on Wednesday, June 3rd. Susquehanna reduced their price target on shares of TechnipFMC from $90.00 to $85.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Jefferies Financial Group reissued a “buy” rating on shares of TechnipFMC in a research report on Sunday, May 31st. Finally, Weiss Ratings upgraded shares of TechnipFMC from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.