Fugro: Mixed FY triggers profit taking
19/02/2021 09:25
** Shares in Fugro FUGRc.AS slump 6% after the Dutch
deep-sea energy prospector posted a mixed trading update,
triggering profit taking
** While Fugro's revenues and EBIT met market expectations,
its net loss from continuing operations of EUR 74 MLN was
slightly below analysts forecast, KBC securities says
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** "Fugro had a really good run in the last couple of months
so the share reaction could also be explained by some profit
taking," KBC analyst Bart Cuypers says
** The group's marine segment notably missed market
expectations in H2, which was offset by a beat in land, Cuypers
added
** "Consensus expects an uptake in 2021, which is feasible,
however this press release confirms this year will not be the
year for recovery in offshore oil and gas, maybe triggering
further profit taking," Cuypers notes
** Among five analysts that cover the stock, four rate it
"strong buy" or "buy", and one "sell"
(Charles.regnier@thomsonreuters.com)