DME Capital Loads Up on Fluor Stock. Should You Buy the Dip Too?

What happened

According to a filing with the U.S. Securities and Exchange Commission dated Nov. 14, 2025, DME Capital Management, LP bought 1,694,100 additional shares of Fluor Corporation (NYSE:FLR)during the third quarter. The transaction significantly increased the fund's total Fluor holding by 44.3% to 5,513,680 shares, boosting its position by approximately $36.13 million.

What else to know

• Fluor is currently the second-largest holding in DME Capital's portfolio.
• Top holdings of DME Capital as of this writing:
  • NYSE:GRBK: $699,260,908 (27.51% of AUM)
  • NYSE:FLR: $231,960,517 (9.13% of AUM)
  • NYSE:CNR: $179,952,827 (7.08% of AUM)
  • NASDAQ:BHF: $148,204,668 (5.83% of AUM)
  • NYSE:KD: $130,439,119 (5.13% of AUM)
• As of Nov. 14, 2025, shares of Fluor Corporation were priced at $42.39, down 16.56% over the past year versus the S&P 500 index's 13.2% gains during the period.

Company Overview

Company Snapshot

• Fluor provides engineering, procurement, and construction (EPC) services, as well as fabrication, modularization, project management, and technical solutions across energy, infrastructure, government, and industrial markets.
• It generates revenue through large-scale project execution, consulting, and ongoing operations and maintenance contracts, leveraging expertise in energy transition, nuclear solutions, and urban infrastructure.
• Fluor serves a global client base including oil and gas companies, government agencies, infrastructure developers, mining and metals firms, and advanced technology sectors.

Fluor is a leading global engineering and construction firm, operating at scale with a diversified portfolio across energy, infrastructure, and government solutions. The company’s strategy focuses on delivering complex projects, driving innovation in the energy transition, and achieving technical excellence in mission-critical sectors. Its integrated service model and deep industry expertise position it competitively to address evolving client needs in both traditional and emerging markets.

Foolish take

2025 was a rollercoaster ride for Fluor. Shares hit 52-week highs of $57.50 per share on July 31 but plunged the very next day after the company reported sharply lower revenue and earnings. High costs because of some subcontractor errors and an unexpected arbitration ruling for a Mexican project completed in 2021 were to blame. Fluor's backlog also fell 13% year over year to $28 billion, reflecting a slowdown in key end markets.

Investors, however, saw an opportunity in Fluor's stock price drop for several reasons, particularly its move to monetize its stake in nuclear energy start-up NuScale Power (NYSE:SMR). Fluor owned a majority stake in NuScale Power, a developer of small modular reactors. With shares of NuScale soaring nearly 200% in the year through the end of July, Fluor saw an incredible opportunity to cash in. That's also perhaps one of the reasons why DME Capital loaded up on Fluor stock in Q3.

Through early October, Fluor received $605 million in net proceeds from the sale of its NuScale Power stake. It expects to sell its entire remaining stake in the second quarter of 2026. In Q3, Fluor also won new awards worth $3.3 billion. Fluor stock may appear to be a value buy now, but investors should consider the cyclical nature of its business before making a decision.

Glossary

13F assets under management: The total value of securities reported by institutional investment managers in their quarterly SEC Form 13F filings.
Net position change: The difference in the number or value of shares held by an investor after a transaction.
AUM (Assets Under Management): The total market value of investments managed by a fund or financial institution.
Stake: The ownership interest or proportion of shares held in a company by an investor or fund.
Filing: An official document submitted to a regulatory authority, often detailing financial holdings or transactions.
TTM: The 12-month period ending with the most recent quarterly report.
Engineering, procurement, and construction (EPC) services: A business model where a company designs, sources materials, and builds projects for clients.
Modularization: The process of constructing sections of a project off-site, then transporting and assembling them at the final location.
Energy transition: The global shift from traditional fossil fuels to renewable and low-carbon energy sources.
Mission-critical sectors: Industries or projects essential to operations where failure would have significant consequences.
Integrated service model: A business approach offering multiple, connected services to clients as a single solution.

Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Green Brick Partners and Kyndryl. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.