Citigroup Has Lowered Expectations for Fluor (NYSE:FLR) Stock Price

Key Points

• Citigroup cut Fluor’s price target from $68 to $66 but maintained a Buy rating; the new target implies 31.73% upside from the prior close.
• Analyst views are mixed: Fluor has an average Hold rating and a consensus price target of $60, with four Buy, three Hold, and one Sell ratings reported.
• Fluor reported quarterly EPS of $0.77, below the $0.80 consensus estimate, while revenue of $2 billion was also below analysts’ $4.16 billion estimate.

Fluor (NYSE:FLR - Get Free Report) had its price objective decreased by equities researchers at Citigroup from $68.00 to $66.00 in a report released on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Citigroup's price objective suggests a potential upside of 31.73% from the company's previous close.

Several other research analysts have also issued reports on the stock. Zacks Research upgraded shares of Fluor from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Wall Street Zen cut shares of Fluor from a "buy" rating to a "hold" rating in a research report on Saturday. Truist Financial reissued a "buy" rating and set a $62.00 target price (down from $71.00) on shares of Fluor in a research note on Monday. Robert W. Baird lowered their target price on shares of Fluor from $64.00 to $56.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Weiss Ratings lowered shares of Fluor from a "hold (c)" rating to a "sell (d)" rating in a report on Friday, August 21st. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $60.00.

Fluor Trading Up 7.8%

Shares of Fluor stock traded up $3.62 during trading on Monday, hitting $50.10. The company's stock had a trading volume of 1,088,563 shares, compared to its average volume of 2,611,528. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.83 and a quick ratio of 1.80. Fluor has a 52 week low of $39.33 and a 52 week high of $58.35. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of -7.31, a price-to-earnings-growth ratio of 0.96 and a beta of 1.22. The stock has a 50-day moving average price of $50.43 and a two-hundred day moving average price of $49.34.

Fluor (NYSE:FLR - Get Free Report) last issued its quarterly earnings results on Friday, November 6th. The construction company reported $0.77 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.03). The company had revenue of $2 billion during the quarter, compared to analyst estimates of $4.16 billion. Fluor had a negative net margin of 7.19% and a positive return on equity of 10.52%. The company's quarterly revenue was up 10.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. Equities research analysts anticipate that Fluor will post 2.69 EPS for the current fiscal year.

Institutional Investors Weigh In On Fluor

A number of large investors have recently bought and sold shares of FLR. Fisher Asset Management LLC grew its holdings in shares of Fluor by 209.9% in the third quarter. Fisher Asset Management LLC now owns 1,728,795 shares of the construction company's stock worth $82,775,000 after purchasing an additional 1,170,945 shares during the last quarter. Maverick Capital Ltd. bought a new stake in Fluor during the 1st quarter valued at $66,036,000. Russell Investments Group Ltd. raised its holdings in Fluor by 59.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 751,259 shares of the construction company's stock valued at $35,978,000 after buying an additional 281,049 shares during the last quarter. Moore Capital Management LP raised its holdings in Fluor by 220.0% during the 2nd quarter. Moore Capital Management LP now owns 520,000 shares of the construction company's stock valued at $27,243,000 after buying an additional 357,521 shares during the last quarter. Finally, Troluce Capital Advisors LLC purchased a new stake in Fluor during the 1st quarter valued at $18,660,000. 88.07% of the stock is currently owned by institutional investors and hedge funds.

Fluor Company Profile

Fluor Corporation is a global engineering and construction company that provides engineering, procurement, construction, maintenance and project-management services. It works with clients to plan and deliver complex projects, and also provides services for facility operations, upgrades and decommissioning.

The company serves customers in sectors including energy, chemicals, mining and metals, infrastructure, advanced technologies and life sciences. Through its government-focused work, Fluor also supports federal agencies and government programs, including projects involving environmental remediation and national security.

Founded in 1912, Fluor is headquartered in Irving, Texas, and undertakes projects in the United States and internationally.

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