Centuri (NYSE:CTRI) Shares Gap Down - Here's What Happened

Key Points

• Shares gapped down premarket from a $41.80 close to a $37.52 open and last traded around $35.38 on volume of 673,416 shares.
• Centuri beat quarterly expectations, reporting EPS of ($0.02) vs. estimates of ($0.07) and revenue of $688.69 million, up 31.5% year-over-year and above the $618.87 million estimate.
• Analyst sentiment is mixed with a MarketBeat consensus of "Hold" and an average target of $28.85; recent actions include Wells Fargo cutting its target to $32 while Cantor Fitzgerald raised theirs to $37.40.

Centuri Holdings, Inc. (NYSE:CTRI - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $41.80, but opened at $37.52. Centuri shares last traded at $35.3840, with a volume of 673,416 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CTRI shares. Wells Fargo & Company lowered their price objective on shares of Centuri from $34.00 to $32.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 1st. Weiss Ratings reissued a "sell (d+)" rating on shares of Centuri in a research note on Friday, March 27th. Finally, Cantor Fitzgerald raised their price target on Centuri from $35.25 to $37.40 and gave the company an "overweight" rating in a research report on Wednesday, March 25th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $28.85.

Centuri Stock Performance

The business's fifty day simple moving average is $31.83 and its 200-day simple moving average is $27.51. The firm has a market cap of $3.38 billion, a P/E ratio of 145.77, a price-to-earnings-growth ratio of 1.73 and a beta of 1.34. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.82.

Centuri (NYSE:CTRI - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported ($0.02) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.05. The company had revenue of $688.69 million during the quarter, compared to analyst estimates of $618.87 million. Centuri had a net margin of 0.76% and a return on equity of 5.09%. Centuri's revenue for the quarter was up 31.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, sell-side analysts expect that Centuri Holdings, Inc. will post 0.59 earnings per share for the current year.

Hedge Funds Weigh In On Centuri

A number of hedge funds and other institutional investors have recently made changes to their positions in CTRI. Caitong International Asset Management Co. Ltd grew its holdings in shares of Centuri by 13,385.7% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,888 shares of the company's stock worth $40,000 after acquiring an additional 1,874 shares during the period. Amalgamated Bank grew its stake in Centuri by 288.1% in the third quarter. Amalgamated Bank now owns 2,278 shares of the company's stock worth $48,000 after purchasing an additional 1,691 shares during the period. KBC Group NV bought a new position in Centuri in the first quarter worth $67,000. CWM LLC lifted its position in Centuri by 59.7% during the fourth quarter. CWM LLC now owns 4,045 shares of the company's stock valued at $102,000 after buying an additional 1,512 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Centuri by 121.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,532 shares of the company's stock valued at $124,000 after buying an additional 3,037 shares in the last quarter.

About Centuri

Centuri Construction Group, Inc NYSE: CTRI is a heavy civil contractor specializing in water and wastewater infrastructure projects. The company delivers end-to-end services encompassing design-build, engineering, procurement and construction for water transmission mains, wastewater force mains, treatment facilities, pump and lift stations, and stormwater management systems.

Centuri’s core offerings include pipeline installation and rehabilitation, civil sitework, earthwork, structural concrete and slope protection.

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