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FERG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Ferguson Enterprises Inc. (FERG) stock moving?
Ferguson reported Q3 2026 results on Nov 9 with adjusted EPS of $3.43 versus a $3.30 estimate and sales of $9.026B versus $8.736B, up 9.5%. It also raised its full-year sales outlook on strong U.S. nonresidential demand. The stock gapped up from a $233.70 close on Nov 6 to open at $251.68, reach a high of $265.29, and close at $259.93 (+11.2%) on about 3.76M shares, roughly 2.5 times the recent typical volume of 1.1–1.5M. On Nov 10 four firms (Oppenheimer $296, RBC $288, Barclays $314, Baird $300) reiterated positive ratings and raised targets, averaging about $299, roughly 15% above the $259.44 close. The stock held most of its gains on Nov 10 with lower volume of 1.61M shares, a constructive sign, but it now trades near the top of its late-October to early-November range after a sharp move. Main risks are that much of the beat and raise is already priced in, that the outlook depends on continued nonresidential demand, and that the data covers only one quarter with no margin or housing detail.
News behind the analysis
- Oppenheimer Maintains Outperform on Ferguson Enterprises, Raises Price Target to $296Oppenheimer kept its Outperform rating and raised its price target to $296 after the Q3 results.
- RBC Capital Maintains Outperform on Ferguson Enterprises, Raises Price Target to $288RBC Capital kept its Outperform rating and raised its price target to $288.
- Barclays Maintains Overweight on Ferguson Enterprises, Raises Price Target to $314Barclays kept its Overweight rating and raised its price target to $314, the highest of the four updates.
- Baird Maintains Outperform on Ferguson Enterprises, Raises Price Target to $300Baird kept its Outperform rating and raised its price target to $300.
- Ferguson Enterprises Q3 2026 Earnings Call TranscriptManagement discussed the third-quarter 2026 results reported on Nov 9, including the sales and demand commentary behind the raised outlook.
- Ferguson Raises Sales Outlook Driven by Nonresidential DemandFerguson beat Q3 estimates with sales up 9.5% and raised its full-year revenue outlook on strong U.S. nonresidential demand.
- Ferguson Enterprises Q3 Adj. EPS $3.43 Beats $3.30 Estimate, Sales $9.026B Beat $8.736B EstimateAdjusted EPS of $3.43 beat the $3.30 estimate, and sales of $9.026B beat the $8.736B estimate.
About Ferguson Enterprises Inc.
Ferguson is North America's largest distributor of plumbing, HVAC, waterworks, pipe/valves/fittings (PVF), appliances and lighting products. It sells to professional contractors in residential and non-residential construction, and it's headquartered in Newport News, Virginia. The company used to be listed in London as Ferguson plc. It reorganized as a US (Delaware) company in 2024 and later moved to a calendar fiscal year.
How it makes money
Ferguson buys products from manufacturers and resells them at a markup through its branches, distribution centers and digital channels, adding services like project support, logistics and product expertise. Annual sales are roughly $30+ billion, with second-quarter 2026 sales of about $8.8 billion. The business is split fairly evenly between residential customers (new construction and repair/remodel) and non-residential ones (commercial, industrial, civil/waterworks), with nearly all sales in the US and a small Canadian business. It also grows by regularly buying smaller distributors, including an agreed purchase of FWI Holdings for about $1.6 billion in 2026.
What usually moves FERG
- US housing starts and repair/remodel activity
- Non-residential construction such as data centers and industrial projects
- Product price inflation or deflation and gross margins
- HVAC demand and acquisition activity
- Interest rates and construction financing conditions
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In the Daily Standout
- November 9, 2026: the Daily Standout +12.60%