TechnipFMC (FTI) to Sell Off 5% Stake in Technip Energies
After the recent sell-off, TechnipFMC's (FTI) stake in Technip Energies has come down to 7%.
Energy technology and services provider TechnipFMC plc FTI announced the sale of 5% of its ownership stake in Technip Energies and received gross proceeds of €118.4 million. The transaction, which involved 9 million shares changing hands at €13.15 apiece, also saw FTI delist from the Euronext Paris stock exchange. The company believes that a single listing on the New York Stock Exchange would be enough to reflect its strategic focus and the immediate peer group
In April 2021, FTI sold its majority interests in Technip Energies division to partially spin-off the unit into a standalone public company. Technip Energies primarily provides onshore engineering and construction services to midstream and downstream clients. After the recent sell-off, the company's stake in Technip Energies has come down to 7% that is subject to a 30-day lock-up period expiring on Feb 9.
Following last year’s spin-off, TechnipFMC has transformed into a technology-focused equipment provider for the energy industry. FTI currently carries a Zacks Rank #5 (Strong Sell). The company’s shares have largely underperformed the industry in a year (-44.4% versus +22.3%).
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Some better-ranked players in the energy space are Vermilion Energy VET, Murphy USA MUSA and ExxonMobil XOM. All the companies sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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