Everus Construction Group (NYSE:ECG) Hits New 1-Year High Following Earnings Beat

Everus Construction Group, Inc. (NYSE:ECG) hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $90.03 and last traded at $83.37, with a volume of 37751 shares. The stock had previously closed at $75.80.

The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.42. The company had revenue of $921.47 million during the quarter, compared to the consensus estimate of $749.12 million. Everus Construction Group had a return on equity of 35.83% and a net margin of 5.07%. Everus Construction Group’s revenue for the quarter was up 31.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

ECG has been the topic of a number of analyst reports. Oppenheimer increased their price objective on Everus Construction Group from $66.00 to $70.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Wall Street Zen lowered Everus Construction Group from a “buy” rating to a “hold” rating in a report on Friday, July 18th. DA Davidson set a $88.00 target price on Everus Construction Group and gave the company a “neutral” rating in a report on Thursday. Finally, Stifel Nicolaus raised their target price on Everus Construction Group from $71.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 11th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $80.33.

Hedge Funds Weigh In On Everus Construction Group

Several institutional investors have recently bought and sold shares of the business. Rithm Capital Corp. bought a new position in Everus Construction Group in the 2nd quarter valued at $413,000. California State Teachers Retirement System raised its position in shares of Everus Construction Group by 1.2% during the second quarter. California State Teachers Retirement System now owns 44,949 shares of the company’s stock worth $2,856,000 after acquiring an additional 534 shares during the last quarter. Raymond James Financial Inc. raised its position in shares of Everus Construction Group by 32.1% during the second quarter. Raymond James Financial Inc. now owns 14,880 shares of the company’s stock worth $945,000 after acquiring an additional 3,617 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in shares of Everus Construction Group during the second quarter worth $413,000. Finally, Alliancebernstein L.P. raised its position in shares of Everus Construction Group by 5.7% during the second quarter. Alliancebernstein L.P. now owns 1,350,871 shares of the company’s stock worth $85,821,000 after acquiring an additional 72,775 shares during the last quarter.

Everus Construction Group Trading Down 4.6%

The company has a market cap of $3.85 billion and a P/E ratio of 23.31. The company has a quick ratio of 1.69, a current ratio of 1.77 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $66.92 and a two-hundred day moving average price of $54.09.

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.