Fluor (NYSE:FLR) Shares Gap Down on Disappointing Earnings

Fluor Co. (NYSE:FLR)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $58.93, but opened at $50.76. Fluor shares last traded at $50.66, with a volume of 2,619,013 shares traded.

The construction company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.27). Fluor had a net margin of 2.62% and a return on equity of 25.02%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the prior year, the firm earned $1.02 EPS. The business’s revenue was up 3.3% on a year-over-year basis.

Analyst Upgrades and Downgrades

FLR has been the topic of several recent research reports. KeyCorp raised their price objective on Fluor from $57.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday. Citigroup upgraded Fluor from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $52.00 to $65.00 in a report on Tuesday, October 22nd. Barclays raised their price objective on shares of Fluor from $39.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 18th. Robert W. Baird boosted their target price on shares of Fluor from $46.00 to $54.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Finally, UBS Group raised their price target on shares of Fluor from $51.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Fluor presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.29.

Insider Buying and Selling

In other news, CFO Joseph L. Brennan sold 15,335 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $47.57, for a total value of $729,485.95. Following the transaction, the chief financial officer now directly owns 57,834 shares of the company’s stock, valued at $2,751,163.38. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fluor news, CFO Joseph L. Brennan sold 4,012 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $50.01, for a total value of $200,640.12. Following the completion of the sale, the chief financial officer now directly owns 53,527 shares in the company, valued at approximately $2,676,885.27. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Joseph L. Brennan sold 15,335 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $47.57, for a total transaction of $729,485.95. Following the transaction, the chief financial officer now owns 57,834 shares in the company, valued at $2,751,163.38. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 44,261 shares of company stock valued at $2,156,604 over the last quarter. Insiders own 1.70% of the company’s stock.

Institutional Trading of Fluor

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intech Investment Management LLC grew its position in Fluor by 192.1% in the 3rd quarter. Intech Investment Management LLC now owns 69,505 shares of the construction company’s stock valued at $3,316,000 after purchasing an additional 45,706 shares during the period. Advisors Asset Management Inc. lifted its stake in shares of Fluor by 5.0% in the third quarter. Advisors Asset Management Inc. now owns 77,531 shares of the construction company’s stock valued at $3,699,000 after buying an additional 3,690 shares in the last quarter. Whalen Wealth Management Inc. acquired a new position in shares of Fluor during the third quarter valued at about $491,000. Quest Partners LLC raised its holdings in shares of Fluor by 1,254.1% in the 3rd quarter. Quest Partners LLC now owns 16,155 shares of the construction company’s stock worth $771,000 after acquiring an additional 14,962 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in Fluor by 0.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 2,004,775 shares of the construction company’s stock valued at $95,648,000 after acquiring an additional 9,789 shares in the last quarter. 88.07% of the stock is owned by institutional investors.

Fluor Stock Down 13.6 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.77 and a quick ratio of 1.77. The company has a market cap of $8.72 billion, a P/E ratio of 21.76, a price-to-earnings-growth ratio of 2.54 and a beta of 1.90. The stock has a fifty day moving average price of $49.80 and a two-hundred day moving average price of $46.44.

Fluor Company Profile

Fluor Corporation provides engineering, procurement, and construction (EPC); fabrication and modularization; operation and maintenance; asset integrity; and project management services worldwide. The company operates through Energy Solutions, Urban Solutions, Mission Solutions, and Other segments. The Energy Solutions segment provides solutions to the energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power, and other low-carbon energy sources.