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

Shares of Everus Construction Group, Inc. (NYSE:ECG) gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 5.39% and a return on equity of 37.06%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $879.57 million. During the same quarter in the previous year, the company posted $0.67 EPS. The business’s revenue was up 33.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ECG shares. Wall Street Zen lowered Everus Construction Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Everus Construction Group in a research report on Thursday, January 22nd. Guggenheim initiated coverage on Everus Construction Group in a research note on Thursday, January 22nd. They issued a “neutral” rating on the stock. Cantor Fitzgerald initiated coverage on shares of Everus Construction Group in a research note on Friday, January 23rd. They set a “neutral” rating and a $97.00 price objective for the company. Finally, Stifel Nicolaus decreased their target price on shares of Everus Construction Group from $110.00 to $107.00 and set a “buy” rating for the company in a report on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $102.75.

Hedge Funds Weigh In On Everus Construction Group

A number of hedge funds have recently modified their holdings of ECG. Geneos Wealth Management Inc. raised its holdings in shares of Everus Construction Group by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 386 shares of the company’s stock worth $25,000 after acquiring an additional 198 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in shares of Everus Construction Group during the 4th quarter worth about $28,000. Bessemer Group Inc. raised its stake in shares of Everus Construction Group by 68.2% during the 3rd quarter. Bessemer Group Inc. now owns 338 shares of the company’s stock worth $29,000 after purchasing an additional 137 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Everus Construction Group during the 4th quarter valued at about $30,000. Finally, Country Trust Bank bought a new stake in shares of Everus Construction Group in the 2nd quarter valued at approximately $31,000.

Everus Construction Group Trading Down 6.0%

The company has a 50 day moving average of $94.51 and a 200 day moving average of $88.35. The firm has a market cap of $6.24 billion, a P/E ratio of 31.04 and a beta of 3.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.69 and a current ratio of 1.76.

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.