Energy, utilities power Foster Wheeler: Barron's

NEW YORK (Reuters) - Engineering and construction company Foster Wheeler (FWLT.O) is experiencing a boom as higher spending on energy projects produces more business and better margins, Barron's reported in its June 18 edition.

Another part of its business that investors often overlook -- supplying boilers and other equipment to power providers -- is picking up as world power needs expand, Barron's said. This could give the company and its stock an even bigger surge than it has already experienced, it said.

Foster Wheeler's stock has soared almost 700 percent to a recent $107 from early 2005, Barron's said. The shares are trading at 18 times next year's estimates, about even with the broad market's price-earnings multiple and below the 22 times earnings of peers such as Fluor (FLR.N) and Jacobs Engineering Group (JEC.N), Barron's said.