DA Davidson Has Negative Outlook of Fluor FY2024 Earnings

Fluor Co. (NYSE:FLR) – DA Davidson dropped their FY2024 earnings per share (EPS) estimates for Fluor in a research report issued to clients and investors on Tuesday, November 12th. DA Davidson analyst B. Thielman now expects that the construction company will earn $2.64 per share for the year, down from their previous forecast of $2.90. DA Davidson has a “Buy” rating and a $65.00 price target on the stock. The consensus estimate for Fluor’s current full-year earnings is $2.61 per share.

Fluor (NYSE:FLR) last issued its quarterly earnings results on Friday, November 8th. The construction company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.25). Fluor had a return on equity of 20.05% and a net margin of 1.64%. 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 previous year, the business earned $1.02 earnings per share. The firm’s revenue was up 3.3% compared to the same quarter last year.

A number of other research analysts have also recently issued reports on FLR. Citigroup upgraded Fluor from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $52.00 to $65.00 in a research note on Tuesday, October 22nd. KeyCorp increased their price objective on shares of Fluor from $57.00 to $64.00 and gave the company an “overweight” rating in a research report on Thursday, November 7th. Robert W. Baird lifted 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. Barclays increased their price target 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. Finally, UBS Group boosted their price objective on shares of Fluor from $51.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.29.

Fluor Price Performance

FLR stock opened at $50.82 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 2.32 and a beta of 1.90. The firm has a 50 day moving average price of $49.98 and a 200-day moving average price of $46.65. Fluor has a 52-week low of $35.04 and a 52-week high of $60.10.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its position in shares of Fluor by 143.4% during the 1st quarter. SG Americas Securities LLC now owns 11,297 shares of the construction company’s stock valued at $478,000 after buying an additional 6,655 shares in the last quarter. Swiss National Bank raised its position in shares of Fluor by 19.1% during the 1st quarter. Swiss National Bank now owns 336,400 shares of the construction company’s stock valued at $14,223,000 after purchasing an additional 53,900 shares during the period. Russell Investments Group Ltd. boosted its holdings in Fluor by 19.8% in the 1st quarter. Russell Investments Group Ltd. now owns 226,306 shares of the construction company’s stock worth $9,568,000 after buying an additional 37,435 shares during the period. ProShare Advisors LLC increased its stake in Fluor by 4.2% in the 1st quarter. ProShare Advisors LLC now owns 33,955 shares of the construction company’s stock worth $1,436,000 after buying an additional 1,369 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its holdings in Fluor by 12.1% during the first quarter. State Board of Administration of Florida Retirement System now owns 45,644 shares of the construction company’s stock valued at $1,930,000 after acquiring an additional 4,910 shares during the period. Hedge funds and other institutional investors own 88.07% of the company’s stock.

Insider Transactions at Fluor

In related news, CFO Joseph L. Brennan sold 11,619 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $50.30, for a total transaction of $584,435.70. Following the completion of the sale, the chief financial officer now directly owns 41,908 shares in the company, valued at approximately $2,107,972.40. The trade was a 21.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 31,261 shares of company stock worth $1,528,574 in the last ninety days. Insiders own 1.70% of the company’s stock.

About Fluor

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.