Fluor Has Finished Selling Its NuScale Power Stock. You Won't Believe How Much It Made.

In recent years, NuScale Power (NYSE: SMR) stock has soared. Last year, the small modular reactor developer saw its stock surge to $57 per share, creating a highly attractive opportunity for early investors to take profits at a sky-high valuation.

One company taking advantage of NuScale's surging stock price was Fluor (NYSE: FLR), the engineering, procurement, and construction (EPC) company. Fluor was a very early investor in NuScale, taking a stake in the company back in 2011, and decided now was a good time to take profits on its stake. Here's how much Fluor made, and where it goes from here with its recent windfall.

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Investors have piled into nuclear energy stocks as the United States continues to push for the development and deployment of nuclear energy, including through advanced technologies such as SMRs and microreactors. What makes NuScale particularly appealing is that it remains the only company with a standard design approval from the Nuclear Regulatory Commission for its small modular reactor (SMR).

Last October, Fluor began selling down its stake in NuScale Power to capitalize on the company's surging stock price. Over the past several months, Fluor has sold its 126 million-share equity stake in NuScale Power and finally completed the sale this April.

The move helps Fluor generate significant gains and also removes the volatility of a pre-revenue technology stock from Fluor's consolidated financial statements. The company initially invested $570 million and sold its stake for $2.43 billion in gross proceeds, realizing a 326% return on its entire position.

Fluor will use its windfall to strengthen its balance sheet, reinvest in strategic growth, and reward shareholders. The proceeds help reduce its debt balance and help support its $1.4 billion share repurchase program.

The move doesn't remove Fluor from the picture for NuScale's ongoing development. But it shifts it from a majority owner to a preferred EPC partner, allowing Fluor to earn service fees without taking on equity-owner risk.

This comes as Fluor looks to carve out a spot in the broader nuclear space. In its February earnings call, Fluor CEO Jim Breuer noted that it was "pursuing additional opportunities in conventional nuclear and SMR projects in partnership with several technology providers."

In addition to nuclear, Fluor is also leveraging its engineering expertise to pursue opportunities in carbon capture, utilization, and storage, and hydrogen production. It is also expanding its Urban Solutions segment to meet growing infrastructure demand for critical minerals, such as lithium, copper, and nickel, required for the energy transition.

By designing and building the complex megaprojects required for clean power generation and copper, lithium, and rare-earth mining, Fluor is an appealing pick-and-shovel stock for investors looking to capitalize on the global energy transition.

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Courtney Carlsen has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.

Fluor Has Finished Selling Its NuScale Power Stock. You Won't Believe How Much It Made. was originally published by The Motley Fool