Fluor (NYSE:FLR) Price Target Raised to $60.00

Fluor (NYSE:FLR) had its price objective hoisted by analysts at KeyCorp from $59.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the construction company’s stock. KeyCorp’s price objective suggests a potential upside of 22.82% from the company’s current price.

Several other research firms also recently weighed in on FLR. DA Davidson increased their price target on shares of Fluor from $58.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Citigroup upgraded shares of Fluor from a “neutral” rating to a “buy” rating and lifted their target price for the company from $52.00 to $65.00 in a research note on Tuesday, October 22nd. Robert W. Baird reiterated a “neutral” rating and issued a $58.00 price target (up previously from $54.00) on shares of Fluor in a research note on Wednesday, December 18th. Baird R W downgraded Fluor from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Truist Financial increased their target price on Fluor from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.29.

Fluor Stock Performance

FLR stock traded down $1.69 on Wednesday, hitting $48.85. The company had a trading volume of 2,198,973 shares, compared to its average volume of 1,843,663. The stock has a market cap of $8.38 billion, a price-to-earnings ratio of 32.57, a P/E/G ratio of 4.27 and a beta of 1.89. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.48. The stock’s 50-day simple moving average is $52.97 and its 200 day simple moving average is $49.74. Fluor has a 12-month low of $35.04 and a 12-month high of $60.10.

Fluor (NYSE:FLR) last issued its quarterly earnings data on Friday, November 8th. The construction company reported $0.51 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 firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same period in the previous year, the firm earned $1.02 EPS. The business’s revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts expect that Fluor will post 2.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Mark E. Fields sold 50,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $56.63, for a total value of $2,831,500.00. Following the completion of the sale, the insider now directly owns 147,045 shares in the company, valued at $8,327,158.35. This trade represents a 25.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas P. D’agostino sold 7,681 shares of the stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $56.39, for a total transaction of $433,131.59. Following the completion of the sale, the insider now directly owns 137,974 shares in the company, valued at approximately $7,780,353.86. This represents a 5.27 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fluor

Several hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its holdings in shares of Fluor by 2,509.5% in the fourth quarter. Versant Capital Management Inc now owns 548 shares of the construction company’s stock worth $27,000 after purchasing an additional 527 shares during the last quarter. Ashton Thomas Private Wealth LLC bought a new position in Fluor in the 2nd quarter worth about $51,000. Quest Partners LLC purchased a new position in shares of Fluor during the second quarter worth approximately $52,000. Quarry LP raised its stake in shares of Fluor by 244.7% during the third quarter. Quarry LP now owns 1,327 shares of the construction company’s stock valued at $63,000 after acquiring an additional 942 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Fluor in the third quarter valued at approximately $96,000. 88.07% of the stock is currently owned by institutional investors.

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.