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

Everus Construction Group, Inc. (NYSE:ECG) gapped up prior to trading 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 trading hands.

The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.72 by $0.36. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $879.57 million. Everus Construction Group had a net margin of 5.18% and a return on equity of 36.74%. The company’s quarterly revenue was up 33.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.67 earnings per share.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ECG. Stifel Nicolaus reduced their price objective 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. Oppenheimer reissued an “outperform” rating and set a $105.00 price target on shares of Everus Construction Group in a report on Thursday, November 6th. Wall Street Zen downgraded Everus Construction Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 7th. Zacks Research lowered Everus Construction Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Cantor Fitzgerald assumed coverage on Everus Construction Group in a report on Friday, January 23rd. They set a “neutral” rating and a $97.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.75.

Hedge Funds Weigh In On Everus Construction Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. grew its holdings in shares of Everus Construction Group by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company’s stock worth $25,000 after purchasing an additional 198 shares in the last quarter. Sound Income Strategies LLC acquired a new position in Everus Construction Group in the fourth quarter valued at about $28,000. Bessemer Group Inc. lifted its position in Everus Construction Group by 68.2% during the third quarter. Bessemer Group Inc. now owns 338 shares of the company’s stock worth $29,000 after purchasing an additional 137 shares during the period. Flagship Harbor Advisors LLC bought a new stake in Everus Construction Group during the fourth quarter worth about $30,000. Finally, Country Trust Bank acquired a new stake in Everus Construction Group during the second quarter worth about $31,000.

Everus Construction Group Trading Up 22.3%

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

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.