Everus Construction Group (NYSE:ECG) Shares Gap Down – Here’s What Happened

Shares of Everus Construction Group, Inc. (NYSE:ECG) gapped down before the market opened on Wednesday. The stock had previously closed at $112.73, but opened at $99.72. Everus Construction Group shares last traded at $93.1430, with a volume of 215,861 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ECG. Oppenheimer reduced their price objective on shares of Everus Construction Group from $200.00 to $170.00 and set an “outperform” rating for the company in a research note on Thursday. Guggenheim upped their target price on shares of Everus Construction Group from $160.00 to $184.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Freedom Capital upgraded shares of Everus Construction Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 6th. Weiss Ratings raised shares of Everus Construction Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Finally, Cantor Fitzgerald reduced their price target on shares of Everus Construction Group from $174.00 to $152.00 and set a “neutral” rating for the company in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $164.50.

Everus Construction Group Trading Up 3.8%

The stock has a 50-day simple moving average of $112.37 and a two-hundred day simple moving average of $125.29. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market cap of $3.84 billion, a PE ratio of 13.34 and a beta of 2.36.

Everus Construction Group (NYSE:ECG) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.48. Everus Construction Group had a net margin of 6.20% and a return on equity of 39.18%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter last year, the firm posted $1.11 EPS. The business’s quarterly revenue was up 40.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Everus Construction Group, Inc. will post 5.25 EPS for the current year.

Insiders Place Their Bets

In related news, Director David Sparby bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The shares were bought at an average price of $144.95 per share, for a total transaction of $144,950.00. Following the completion of the acquisition, the director owned 19,658 shares of the company’s stock, valued at $2,849,427.10. This trade represents a 5.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Everus Construction Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Deutsche Bank AG purchased a new stake in shares of Everus Construction Group in the second quarter worth $27,186,000. Fifth Third Bancorp raised its position in shares of Everus Construction Group by 9,475.7% during the 1st quarter. Fifth Third Bancorp now owns 32,653 shares of the company’s stock valued at $3,855,000 after purchasing an additional 32,312 shares during the period. First Trust Advisors LP raised its position in shares of Everus Construction Group by 109.9% during the 1st quarter. First Trust Advisors LP now owns 1,280,916 shares of the company’s stock valued at $151,225,000 after purchasing an additional 670,646 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Everus Construction Group during the 2nd quarter valued at $2,513,000. Finally, California State Teachers Retirement System lifted its stake in shares of Everus Construction Group by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 57,084 shares of the company’s stock valued at $6,739,000 after buying an additional 10,726 shares in the last quarter.

About Everus Construction Group

Everus Construction Group, Inc (NYSE: ECG) is a U.S.-based infrastructure construction company that provides services to utilities, energy companies, industrial customers, commercial businesses and government entities. The company focuses on building, upgrading and maintaining essential infrastructure across the electric, natural gas, communications and industrial sectors.

Its services include the construction and maintenance of electric transmission and distribution systems, substations, renewable energy facilities, natural gas pipelines and underground utilities.