In a recent filing with the Securities and Exchange Commission, Thomas P. D'Agostino, Group President of Fluor Corp (NYSE:FLR), disclosed the sale of 7,681 shares of common stock. The transaction, executed on December 5, 2024, was conducted at an average price of $56.391 per share, amounting to a total of $433,139. The sale comes as Fluor's stock has shown remarkable strength, with InvestingPro data showing a 49.5% return over the past year and the stock trading near its 52-week high of $60.10.
Following this sale, D'Agostino retains direct ownership of 137,974 shares. Additionally, a separate transaction involving 2,834 shares was reported as a gift, with no financial consideration involved. These shares were disposed of, leaving D'Agostino with a direct holding of 135,140 shares. Furthermore, he holds 1,475 shares indirectly through a 401(k) plan. According to InvestingPro analysis, Fluor maintains a strong financial health score and has received considerable analyst attention, with targets ranging from $44.50 to $67.00 per share. Subscribers can access 15+ additional ProTips and comprehensive valuation metrics in the Pro Research Report.
In other recent news, Fluor Corporation (NYSE:FLR) has secured a Front-end Engineering and Design (FEED) contract for the GeZero project with Heidelberg (ETR:HDDG) Materials, marking a significant step in the company's sustainability efforts. The undisclosed contract value will be recognized in Fluor's fourth-quarter earnings for 2024, adding to its impressive $15.88 billion in trailing twelve-month revenue. The construction phase is scheduled to begin in 2026, aiming to capture approximately 700,000 tonnes of CO2 annually.
Fluor also reported strong Q3 2024 results, announcing a revenue of $4.1 billion and new awards totaling $2.7 billion. The company's total backlog reached $31.3 billion, with 80% being reimbursable contracts, and reported a consolidated segment profit of $117 million and adjusted earnings per share of $0.51. These developments occur amidst strategic shifts, including a focus on growth in non-traditional oil and gas projects and expectations of strong revenue growth through 2028.
In leadership news, Fluor's CFO Joe Brennan is set to retire, with John Regan, the current Chief Accounting Officer, named as his successor. Citi maintains confidence in this transition and continues to endorse a Buy rating for Fluor shares, despite a reduction in its price target to $60 from $65. However, Fluor has lowered its adjusted EBITDA expectations for 2024, while expressing anticipation for strong growth in revenue and EBITDA through 2028.
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