Everus (NYSE:ECG) Trading Down 8% on Disappointing Earnings

Shares of Everus (NYSE:ECG) dropped 8% during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $57.18 and last traded at $62.98. Approximately 235,893 shares were traded during trading, a decline of 59% from the average daily volume of 570,397 shares. The stock had previously closed at $68.42.

The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.06).

Analyst Ratings Changes

A number of brokerages have issued reports on ECG. Oppenheimer lifted their price target on Everus from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Stifel Nicolaus raised their target price on Everus from $78.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, January 24th. DA Davidson assumed coverage on Everus in a report on Monday, November 4th. They issued a “neutral” rating and a $55.00 price target for the company. Finally, Wolfe Research initiated coverage on shares of Everus in a report on Tuesday, December 3rd. They set a “peer perform” rating on the stock.

Institutional Trading of Everus

Several institutional investors and hedge funds have recently made changes to their positions in ECG. Massachusetts Financial Services Co. MA purchased a new position in Everus during the 4th quarter worth $17,044,000. Discovery Capital Management LLC CT purchased a new stake in Everus during the 4th quarter valued at approximately $13,150,000. Franklin Resources Inc. purchased a new position in shares of Everus in the 4th quarter valued at approximately $19,073,000. Alliancebernstein L.P. acquired a new position in shares of Everus in the fourth quarter valued at approximately $53,131,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Everus during the fourth quarter worth approximately $4,266,000.

Everus Trading Down 18.1 %

The firm has a fifty day simple moving average of $68.72. The company has a quick ratio of 1.50, a current ratio of 1.58 and a debt-to-equity ratio of 0.47.

About Everus

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.