Everus Construction Group (NYSE:ECG) Trading Up 13% on Earnings Beat

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

The company reported $1.64 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the prior year, the firm posted $1.03 EPS. The business’s revenue was up 33.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ECG shares. Cantor Fitzgerald raised their price objective on shares of Everus Construction Group from $115.00 to $174.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Guggenheim raised shares of Everus Construction Group from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research report on Thursday, April 30th. Zacks Research lowered shares of Everus Construction Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. 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. Finally, Weiss Ratings upgraded shares of Everus Construction Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Everus Construction Group currently has a consensus rating of “Hold” and an average target price of $155.67.

Hedge Funds Weigh In On Everus Construction Group

A number of institutional investors have recently modified their holdings of ECG. Parallel Advisors LLC boosted its holdings in shares of Everus Construction Group by 6.7% during the 1st quarter. Parallel Advisors LLC now owns 1,200 shares of the company’s stock worth $142,000 after buying an additional 75 shares during the period. Root Financial Partners LLC raised its holdings in Everus Construction Group by 126.0% in the 1st quarter. Root Financial Partners LLC now owns 217 shares of the company’s stock worth $26,000 after acquiring an additional 121 shares during the period. Maryland State Retirement & Pension System lifted its position in Everus Construction Group by 1.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,379 shares of the company’s stock worth $888,000 after acquiring an additional 146 shares during the last quarter. DMKC Advisory Services LLC lifted its position in Everus Construction Group by 4.2% during the 4th quarter. DMKC Advisory Services LLC now owns 3,762 shares of the company’s stock worth $322,000 after acquiring an additional 150 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in Everus Construction Group by 105.3% during the second quarter. Geneos Wealth Management Inc. now owns 386 shares of the company’s stock valued at $25,000 after acquiring an additional 198 shares during the period.

Everus Construction Group Price Performance

The company has a market capitalization of $7.61 billion, a P/E ratio of 34.20 and a beta of 2.37. The stock’s fifty day simple moving average is $143.44 and its 200-day simple moving average is $128.68. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.77 and a quick ratio of 1.71.

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.