Fluor (NYSE:FLR) Shares Gap Down After Earnings Miss

Fluor Corporation (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 $56.77, but opened at $42.35. Fluor shares last traded at $38.90, with a volume of 5,879,514 shares traded.

The construction company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.16). The business had revenue of $3.98 billion for the quarter, compared to analyst estimates of $4.55 billion. Fluor had a return on equity of 14.59% and a net margin of 11.13%. Fluor’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.85 EPS.

Wall Street Analyst Weigh In

FLR has been the topic of several recent analyst reports. Citigroup reiterated a “buy” rating and set a $71.00 price objective (up from $47.00) on shares of Fluor in a report on Monday. UBS Group reaffirmed a “buy” rating and set a $60.00 price target (up previously from $48.00) on shares of Fluor in a research note on Tuesday, June 24th. Truist Financial boosted their price objective on shares of Fluor from $47.00 to $59.00 and gave the company a “buy” rating in a research note on Thursday, July 3rd. KeyCorp lowered Fluor from an “overweight” rating to a “sector weight” rating and set a $41.00 target price on the stock. in a research report on Tuesday, July 15th. Finally, Robert W. Baird boosted their price target on Fluor from $41.00 to $55.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $54.43.

Insider Buying and Selling at Fluor

In related news, insider Alvin C. Collins III sold 18,920 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $45.43, for a total value of $859,535.60. Following the completion of the sale, the insider directly owned 64,383 shares in the company, valued at approximately $2,924,919.69. This represents a 22.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David E. Constable sold 40,800 shares of the business’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $49.00, for a total value of $1,999,200.00. Following the transaction, the chairman owned 870,627 shares in the company, valued at approximately $42,660,723. This represents a 4.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 98,320 shares of company stock worth $4,870,182 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Fluor

A number of hedge funds have recently made changes to their positions in FLR. IFP Advisors Inc purchased a new position in Fluor in the second quarter valued at about $27,000. Hurley Capital LLC purchased a new position in shares of Fluor during the 1st quarter valued at approximately $29,000. Sterling Capital Management LLC boosted its stake in shares of Fluor by 196.2% during the 4th quarter. Sterling Capital Management LLC now owns 616 shares of the construction company’s stock valued at $30,000 after buying an additional 408 shares during the last quarter. Strategic Investment Solutions Inc. IL grew its position in shares of Fluor by 800.0% during the first quarter. Strategic Investment Solutions Inc. IL now owns 900 shares of the construction company’s stock worth $32,000 after buying an additional 800 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Fluor in the second quarter worth $33,000. Hedge funds and other institutional investors own 88.07% of the company’s stock.

Fluor Stock Down 27.0%

The stock has a market capitalization of $6.83 billion, a P/E ratio of 3.98, a P/E/G ratio of 2.73 and a beta of 1.43. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.30. The stock’s 50 day simple moving average is $49.91 and its 200 day simple moving average is $42.96.

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.