What’s Flowserve Corporation (FLS) Downside After Forming Bearish Ascending Triangle Pattern?

April 24, 2018 - By Winifred Garcia

Flowserve Corporation (NYSE:FLS) Logo

Investors sentiment increased to 0.98 in 2017 Q4. Its up 0.14, from 0.84 in 2017Q3. It increased, as 41 investors sold Flowserve Corporation shares while 104 reduced holdings. 41 funds opened positions while 101 raised stakes. 132.57 million shares or 0.27% more from 132.21 million shares in 2017Q3 were reported.
Amp Cap Investors Ltd has 36,957 shares. Raymond James Service stated it has 0.01% in Flowserve Corporation (NYSE:FLS). Logan Cap Management reported 31,935 shares stake. Tower Rech Limited Liability Corp (Trc) reported 0.02% in Flowserve Corporation (NYSE:FLS). Oppenheimer & Communication Inc accumulated 53,948 shares or 0.06% of the stock. Robecosam Ag accumulated 263,018 shares. Moody Bank & Trust Division accumulated 8,104 shares or 0.02% of the stock. Savings Bank Of Montreal Can holds 96,873 shares. 8,056 were reported by Kentucky Retirement. Koch Industries stated it has 13,700 shares. Prudential Financial holds 0.01% of its portfolio in Flowserve Corporation (NYSE:FLS) for 178,891 shares. Edgepoint Inv Group invested 8.15% in Flowserve Corporation (NYSE:FLS). Eaton Vance Mgmt reported 20,221 shares. Stoneridge Invest Ltd Liability Corp reported 94,067 shares stake. Panagora Asset Mgmt holds 0% or 30,625 shares.

The stock of Flowserve Corporation (FLS) formed an ascending triangle with $42.68 target or 9.00 % below today’s $46.90 share price. The 6 months triangle pattern indicates high risk for the $6.14 billion company. If the $42.68 price target is reached, the company will be worth $552.15M less.
The ascending triangle is a questionable performer despite its reputation as a reliable chart pattern. The ascending triangle has break even failure rate for up and down breakouts of 13% and 11%, respectively. The average rise and decline is 35% and 19%. The throwback or so called pullback rates are: 57% and 49%. The stocks meeting their targets is high for this type of breakout: 75% and 68% percent.

The stock decreased 0.87% or $0.41 during the last trading session, reaching $46.9. About 1.55 million shares traded or 3.63% up from the average. Flowserve Corporation (NYSE:FLS) has declined 10.24% since April 24, 2017 and is downtrending. It has underperformed by 21.79% the S&P500.

Analysts await Flowserve Corporation (NYSE:FLS) to report earnings on May, 7. They expect $0.27 EPS, up 8.00 % or $0.02 from last year’s $0.25 per share. FLS’s profit will be $35.32M for 43.43 P/E if the $0.27 EPS becomes a reality. After $0.50 actual EPS reported by Flowserve Corporation for the previous quarter, Wall Street now forecasts -46.00 % negative EPS growth.

Flowserve Corporation (NYSE:FLS) Ratings Coverage

Among 8 analysts covering Flowserve (NYSE:FLS), 1 have Buy rating, 1 Sell and 6 Hold. Therefore 13% are positive. Flowserve had 15 analyst reports since November 3, 2017 according to SRatingsIntel. The firm has “Sell” rating given on Friday, December 8 by Goldman Sachs. The firm has “Market Perform” rating by BMO Capital Markets given on Friday, November 3. The stock has “Hold” rating by Robert W. Baird on Wednesday, April 4. The firm earned “Hold” rating on Tuesday, February 20 by Stifel Nicolaus. The firm has “Neutral” rating given on Friday, November 3 by Seaport Global. Stifel Nicolaus maintained the stock with “Hold” rating in Tuesday, January 16 report. The rating was downgraded by Stifel Nicolaus on Monday, December 11 to “Hold”. SunTrust maintained Flowserve Corporation (NYSE:FLS) rating on Thursday, November 2. SunTrust has “Hold” rating and $40.0 target. The stock has “Hold” rating by Robert W. Baird on Wednesday, December 13. The rating was upgraded by RBC Capital Markets to “Hold” on Monday, February 19.

Flowserve Corporation (NYSE:FLS) Institutional Positions Chart

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