Stock Track | Argan Stock Plummets 16.72% Intraday as Q3 Revenue Misses Estimates Due to Project Completions

Stock Track12-05 22:32

Argan (AGX) shares plummeted 16.72% during Friday's intraday trading session, extending its pre-market decline. The sharp drop follows the release of the company's third-quarter fiscal 2026 results, which revealed a revenue miss compared to analyst expectations.

The industrial contractor reported Q3 revenue of $251.2 million, a 2.3% year-over-year decline and below the consensus estimate of $263.84 million. The revenue shortfall was attributed to the completion of two major projects (an LNG project in Louisiana and the Trumbull Energy Center in Ohio), which had previously driven significant revenue. Newly awarded contracts are still in early construction phases, contributing limited revenue.

Adding to the negative sentiment, Lake Street downgraded Argan from Buy to Hold, citing concerns over the stock's high valuation (39x forward P/E) and the revenue miss. Despite a record backlog of $3.0 billion and a rise in net income, the market reaction was overwhelmingly negative.

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