Chase Investment Counsel Corp Acquires New Stake in TechnipFMC plc

Chase Investment Counsel Corp has recently made a significant investment by acquiring a new stake in TechnipFMC plc (NYSE:FTI) during the fourth quarter. According to their latest filing with the Securities and Exchange Commission (SEC), the firm purchased 18,226 shares in the oil and gas sector, with a total valuation of around $527,000.

Changes in Stake by Other Investors

Other institutional investors have also shown interest in TechnipFMC. For instance, Creative Planning increased its stake by 22.9% in the third quarter, now holding 21,372 shares valued at $561,000 after acquiring an additional 3,980 shares. Similarly, Blue Trust Inc. expanded its position by 203.6%, ending up with 1,096 shares worth $29,000 following a purchase of 735 shares.

International Assets Investment Management LLC entered a new investment in TechnipFMC during the same quarter, valued at $363,000. Meanwhile, Wealth Enhancement Advisory Services LLC has seen a remarkable growth of 152.7% in its position, now owning 37,440 shares worth $982,000 after obtaining an extra 22,624 shares. Lastly, US Bancorp DE grew its holdings in TechnipFMC by 54.1%, culminating in a total of 81,585 shares valued at $2,140,000 after acquiring an additional 28,649 shares. Collectively, institutional investors hold a substantial 96.58% of TechnipFMC's shares.

Analyst Ratings

Several analysts have shared their insights regarding TechnipFMC's stock. TD Cowen reaffirmed a “buy” rating, setting a price target of $37.00 for the shares. Citigroup also raised its price target from $34.00 to $35.00 while maintaining a “buy” rating. Jefferies Financial Group upgraded its assessment from a “hold” to a “buy” and set a new price target of $40.00 for the stock. Royal Bank of Canada issued an “outperform” rating accompanied by a $37.00 price target, while The Goldman Sachs Group designated a “buy” rating with a price target of $38.00. Currently, one analyst has a hold recommendation, whereas thirteen have given a buy recommendation and one has advocated a strong buy, resulting in a consensus rating of “Buy” with an average price target of $36.23 according to MarketBeat.com.

TechnipFMC Stock Performance

As of Friday, TechnipFMC plc's stock opened at $29.42. Over the past year, the stock has touched a low of $21.36 and a high of $33.45. The company's market capitalization stands at $12.52 billion, with a price-to-earnings ratio of 19.36 and a beta value of 1.52. The stock's 50-day and 200-day simple moving averages are $30.61 and $28.58, respectively. The debt-to-equity ratio is currently at 0.22, with a quick ratio of 0.89 and a current ratio of 1.14.

Dividend Announcement

TechnipFMC recently announced a quarterly dividend set to be paid on April 2nd, targeting investors who are on record by March 18th. Shareholders will receive a dividend of $0.05 per share, translating to an annualized yield of 0.68% and a total dividend payout of $0.20 per share. The dividend payout ratio for TechnipFMC remains at 10.42%.

Company Overview

TechnipFMC plc operates within the energy sector, focusing on various projects, technologies, and services related to oil and gas. With operations extending across Europe, Central Asia, North America, Latin America, the Asia-Pacific, Africa, and the Middle East, the company has two main segments: Subsea and Surface Technologies. The Subsea segment involves activities such as designing, engineering, procuring, manufacturing, fabricating, and installing subsea systems and infrastructure essential for oil and gas production.

Investment, Stocks, TechnipFMC