Everus Construction Group (NYSE:ECG) Shares Down 6.5% – Here’s What Happened

Everus Construction Group, Inc. (NYSE:ECG) fell 6.5% during trading on Wednesday . The stock traded as low as $153.25 and last traded at $155.1690. Approximately 22,634 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 653,731 shares. The stock had previously closed at $165.95.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ECG shares. Freedom Capital cut Everus Construction Group from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 6th. Guggenheim raised Everus Construction Group from a “neutral” rating to a “buy” rating and set a $160.00 price objective for the company in a report on Thursday, April 30th. Cantor Fitzgerald raised their target price on Everus Construction Group from $115.00 to $174.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Stifel Nicolaus set a $172.00 target price on Everus Construction Group in a research note on Friday, May 8th. Finally, Zacks Research upgraded Everus Construction Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.67.

Everus Construction Group Price Performance

The business’s 50-day simple moving average is $151.17 and its 200 day simple moving average is $120.76. The company has a market capitalization of $7.89 billion, a P/E ratio of 35.46 and a beta of 2.32. The company has a current ratio of 1.77, a quick ratio of 1.71 and a debt-to-equity ratio of 0.38.

Everus Construction Group (NYSE:ECG) last announced its earnings results on Tuesday, May 5th. The company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.33. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $933.81 million. Everus Construction Group had a return on equity of 37.17% and a net margin of 5.65%.The company’s quarterly revenue was up 25.4% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. As a group, sell-side analysts anticipate that Everus Construction Group, Inc. will post 4.39 EPS for the current year.

Institutional Investors Weigh In On Everus Construction Group

Several large investors have recently modified their holdings of the stock. Geneos Wealth Management Inc. grew its holdings in shares of Everus Construction Group by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company’s stock worth $25,000 after acquiring an additional 198 shares during the last quarter. Root Financial Partners LLC lifted its holdings in shares of Everus Construction Group by 126.0% during the first quarter. Root Financial Partners LLC now owns 217 shares of the company’s stock valued at $26,000 after purchasing an additional 121 shares during the last quarter. Sound Income Strategies LLC acquired a new position in shares of Everus Construction Group in the 4th quarter valued at $28,000. Flagship Harbor Advisors LLC acquired a new position in shares of Everus Construction Group in the 4th quarter valued at $30,000. Finally, McMillan Office Inc. purchased a new position in Everus Construction Group in the 4th quarter worth about $43,000.

About Everus Construction Group

Everus Construction Group is providing a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services principally in United States. Its specialty contracting services are provided to utility, transportation, commercial, industrial, institutional, renewable and other customers. Everus Construction Group is based in BISMARCK, N.D.