RBC Cuts TechnipFMC Stake Amid Strong Q2 Results

Royal Bank of Canada (RBC) significantly reduced its stake in TechnipFMC plc, selling 821,096 shares during the first quarter. As a result, RBC's ownership percentage decreased by 57.6% to approximately 0.15%. The value of RBC's holdings was $41,723,000 as of the latest filing with the Securities and Exchange Commission.

The oil and gas company reported strong Q2 results, exceeding analyst expectations with adjusted earnings of $0.91 per share. Revenue reached $2.76 billion, up 9% year-over-year. Net income climbed to $362.7 million from $260.5 million in the prior quarter. TechnipFMC's profitability remained robust, with a net margin of 10.62% and a return on equity of 34.06%. The company announced a quarterly dividend of $0.05 per share, payable on September 2nd.

RBC's reduced stake is part of a broader trend where institutional investors and hedge funds have been buying or selling shares in TechnipFMC. Despite the reduction, RBC remains one of the largest shareholders in the company. The stock has received positive ratings from analysts, with an average price target of $69.64.