Everus Construction Group (NYSE:ECG) Shares Gap Up Following Better-Than-Expected Earnings

Everus Construction Group, Inc. (NYSE:ECG)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $104.21, but opened at $117.32. Everus Construction Group shares last traded at $127.2330, with a volume of 229,852 shares changing hands.

The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.36. Everus Construction Group had a net margin of 5.18% and a return on equity of 36.74%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $879.57 million. During the same quarter last year, the business posted $0.67 EPS. The firm’s revenue for the quarter was up 33.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ECG. Stifel Nicolaus lowered their price target on Everus Construction Group from $110.00 to $107.00 and set a “buy” rating for the company in a report on Monday, January 26th. Cantor Fitzgerald began coverage on Everus Construction Group in a research report on Friday, January 23rd. They issued a “neutral” rating and a $97.00 target price on the stock. DA Davidson set a $102.00 target price on Everus Construction Group in a research note on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Everus Construction Group in a report on Thursday, January 22nd. Finally, Zacks Research lowered shares of Everus Construction Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Everus Construction Group presently has a consensus rating of “Hold” and a consensus price target of $102.75.

Institutional Trading of Everus Construction Group

A number of hedge funds have recently made changes to their positions in the company. Wasatch Advisors LP bought a new stake in shares of Everus Construction Group during the fourth quarter worth about $184,838,000. Capital International Investors acquired a new stake in Everus Construction Group during the 3rd quarter worth approximately $165,993,000. Northwestern Mutual Wealth Management Co. boosted its position in Everus Construction Group by 147,209.9% during 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 during the period. Invesco Ltd. grew its holdings in Everus Construction Group by 86.4% during the 3rd quarter. Invesco Ltd. now owns 1,795,730 shares of the company’s stock worth $153,984,000 after acquiring an additional 832,389 shares during the last quarter. Finally, Millennium Management LLC increased its position in Everus Construction Group by 162.2% in 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 during the period.

Everus Construction Group Stock Performance

The company’s 50-day simple moving average is $92.84 and its 200-day simple moving average is $87.80. The stock has a market capitalization of $6.50 billion, a price-to-earnings ratio of 36.05 and a beta of 3.84. The company has a current ratio of 1.76, a quick ratio of 1.69 and a debt-to-equity ratio of 0.47.

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.