Everus Construction Group (NYSE:ECG) Stock Price Up 13% on Strong Earnings

Everus Construction Group, Inc. (NYSE:ECG)’s stock price rose 13% during mid-day trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $155.99 and last traded at $153.80. 140,302 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 644,484 shares. The stock had previously closed at $136.16.

The company reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.50. Everus Construction Group had a return on equity of 37.17% and a net margin of 5.65%.The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company earned $1.03 earnings per share. Everus Construction Group’s revenue was up 33.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

ECG has been the subject of a number of analyst reports. Freedom Capital lowered shares of Everus Construction Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 6th. Cantor Fitzgerald boosted their price target on shares of Everus Construction Group from $115.00 to $174.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Zacks Research downgraded shares of Everus Construction Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 27th. Oppenheimer started coverage on shares of Everus Construction Group in a research note on Thursday, May 28th. They issued an “outperform” rating and a $185.00 price objective for the company. Finally, Glj Research assumed coverage on shares of Everus Construction Group in a research report on Monday, April 20th. They set a “hold” rating and a $141.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $155.67.

Hedge Funds Weigh In On Everus Construction Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors LP purchased a new stake in shares of Everus Construction Group in the fourth quarter worth approximately $184,838,000. Northwestern Mutual Wealth Management Co. lifted its position in Everus Construction Group by 147,209.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,260,973 shares of the company’s stock worth $107,889,000 after buying an additional 1,260,117 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Everus Construction Group by 86.4% during the 3rd quarter. Invesco Ltd. now owns 1,795,730 shares of the company’s stock valued at $153,984,000 after buying an additional 832,389 shares during the period. First Trust Advisors LP grew its holdings in shares of Everus Construction Group by 109.9% during the 1st quarter. First Trust Advisors LP now owns 1,280,916 shares of the company’s stock valued at $151,225,000 after acquiring an additional 670,646 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Everus Construction Group by 162.2% during the 4th quarter. Millennium Management LLC now owns 642,250 shares of the company’s stock valued at $54,951,000 after acquiring an additional 397,268 shares in the last quarter.

Everus Construction Group Price Performance

The company has a quick ratio of 1.71, a current ratio of 1.77 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 34.20 and a beta of 2.37. The stock’s 50 day moving average price is $143.44 and its two-hundred day moving average price is $128.68.

Everus Construction Group Company Profile

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.