DA Davidson Has Pessimistic View of Fluor FY2024 Earnings

Fluor Co. (NYSE:FLR) – Investment analysts at DA Davidson reduced their FY2024 earnings per share estimates for Fluor in a report released on Tuesday, November 12th. DA Davidson analyst B. Thielman now anticipates that the construction company will earn $2.64 per share for the year, down from their prior estimate 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 $2.62 per share.

A number of other equities analysts also recently commented on FLR. Citigroup upgraded Fluor from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $52.00 to $65.00 in a research note on Tuesday, October 22nd. Truist Financial lifted their target price on Fluor from $61.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. KeyCorp raised their price objective on Fluor from $57.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Robert W. Baird boosted their target price on shares of Fluor from $46.00 to $54.00 and gave the company an “outperform” rating in a research note on Monday, August 5th. Finally, UBS Group raised their price target on shares of Fluor from $51.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $60.29.

Fluor Price Performance

Shares of FLR stock opened at $51.93 on Thursday. The firm has a fifty day moving average of $50.14 and a two-hundred day moving average of $46.73. The firm has a market cap of $8.91 billion, a P/E ratio of 34.62, a P/E/G ratio of 3.93 and a beta of 1.90. Fluor has a 1-year low of $35.04 and a 1-year high of $60.10. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.77 and a quick ratio of 1.77.

Fluor (NYSE:FLR) last released its earnings results on Friday, November 8th. The construction company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.25). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Fluor had a net margin of 1.64% and a return on equity of 20.05%. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 earnings per share.

Insider Activity

In related news, CFO Joseph L. Brennan sold 15,335 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $47.57, for a total value of $729,485.95. Following the sale, the chief financial officer now directly owns 57,834 shares in the company, valued at $2,751,163.38. This trade represents a 20.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 31,261 shares of company stock valued at $1,528,574. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Hood River Capital Management LLC bought a new stake in shares of Fluor during the second quarter valued at about $47,559,000. Westfield Capital Management Co. LP bought a new stake in shares of Fluor during the 3rd quarter worth about $39,289,000. Rubric Capital Management LP lifted its stake in shares of Fluor by 23.6% in the 2nd quarter. Rubric Capital Management LP now owns 3,214,521 shares of the construction company’s stock worth $139,992,000 after acquiring an additional 614,521 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fluor by 27.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,097,931 shares of the construction company’s stock valued at $100,092,000 after acquiring an additional 457,220 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Fluor by 14.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,547,243 shares of the construction company’s stock valued at $110,930,000 after acquiring an additional 323,111 shares during the period. Institutional investors and hedge funds own 88.07% of the company’s stock.

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.