Citigroup Issues Pessimistic Forecast for Fluor (NYSE:FLR) Stock Price

Key Points

• Citigroup has lowered its price target for Fluor (NYSE:FLR) from $71.00 to $57.00 while maintaining a "buy" rating, indicating a potential upside of 42.62% from the stock's previous close.
• Fluor reported earnings of $0.43 per share, missing the consensus estimate and marking a 5.9% year-over-year revenue decline, prompting concerns among analysts.
• Multiple analysts have expressed mixed sentiments on Fluor, with some downgrading their ratings, while others maintain a "buy" or "hold" rating, resulting in a current average rating of "Hold" with a consensus target price of $51.14.

Fluor (NYSE:FLR - Get Free Report) had its price target lowered by analysts at Citigroup from $71.00 to $57.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the construction company's stock. Citigroup's price objective suggests a potential upside of 42.62% from the stock's previous close.

Other analysts have also issued reports about the stock. KeyCorp lowered shares of Fluor from an "overweight" rating to a "sector weight" rating and set a $41.00 price objective for the company. in a research note on Tuesday, July 15th. Robert W. Baird reduced their price objective on Fluor from $55.00 to $46.00 and set a "neutral" rating for the company in a research report on Monday. Wall Street Zen cut shares of Fluor from a "buy" rating to a "hold" rating in a research note on Monday, May 5th. Truist Financial upped their price objective on shares of Fluor from $47.00 to $59.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Finally, UBS Group restated a "buy" rating and set a $60.00 price target (up from $48.00) on shares of Fluor in a report on Tuesday, June 24th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Fluor presently has an average rating of "Hold" and a consensus target price of $51.14.

Fluor Stock Performance

Shares of Fluor stock traded down $1.46 during trading hours on Monday, hitting $39.97. 4,856,352 shares of the company were exchanged, compared to its average volume of 3,496,675. The company has a current ratio of 1.62, a quick ratio of 1.74 and a debt-to-equity ratio of 0.18. Fluor has a 1 year low of $29.20 and a 1 year high of $60.10. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 1.64, a P/E/G ratio of 2.43 and a beta of 1.43. The business has a 50-day moving average of $49.91 and a 200-day moving average of $42.87.

Fluor (NYSE:FLR - Get Free Report) last released its earnings results on Friday, August 1st. The construction company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.16). Fluor had a return on equity of 9.27% and a net margin of 25.35%. The firm had revenue of $3.98 billion during the quarter, compared to analysts' expectations of $4.55 billion. During the same period in the previous year, the firm posted $0.85 earnings per share. The firm's revenue was down 5.9% on a year-over-year basis. As a group, analysts expect that Fluor will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling

In other Fluor news, Chairman David E. Constable sold 40,800 shares of the stock in a transaction on 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 completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alvin C. Collins III sold 18,920 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $45.43, for a total transaction of $859,535.60. Following the completion of the sale, the insider owned 64,383 shares in the company, valued at approximately $2,924,919.69. This trade represents a 22.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 98,320 shares of company stock valued at $4,870,182 over the last 90 days. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fluor

Several hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. boosted its holdings in Fluor by 1.7% in the 4th quarter. American Century Companies Inc. now owns 57,664 shares of the construction company's stock worth $2,844,000 after buying an additional 973 shares during the period. LPL Financial LLC grew its position in shares of Fluor by 19.3% during the fourth quarter. LPL Financial LLC now owns 118,652 shares of the construction company's stock worth $5,852,000 after purchasing an additional 19,161 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in Fluor by 9.2% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 14,351 shares of the construction company's stock valued at $708,000 after purchasing an additional 1,204 shares during the period. Grantham Mayo Van Otterloo & Co. LLC bought a new position in shares of Fluor during the fourth quarter worth $2,114,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Fluor by 15.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 99,684 shares of the construction company's stock valued at $4,916,000 after purchasing an additional 13,104 shares during the last quarter. 88.07% of the stock is owned by institutional investors.

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.

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