Everus Construction Group (NYSE:ECG) Hits New 52-Week High After Better-Than-Expected Earnings

Key Points

• Everus Construction Group (NYSE:ECG) achieved a new 52-week high of $90.03 after reporting better-than-expected earnings, with an EPS of $1.03 compared to the consensus estimate of $0.61.
• The company's quarterly revenue was $921.47 million, significantly exceeding expectations of $749.12 million, marking a year-over-year increase of 31.0%.
• Analysts have set new price targets for Everus, with recommendations ranging from "hold" to "buy," resulting in an average target price of $73.67.

Everus Construction Group, Inc. (NYSE:ECG - Get Free Report)'s stock price reached a new 52-week high 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 trading hands. The stock had previously closed at $75.80.

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

Wall Street Analyst Weigh In

ECG has been the subject of a number of recent analyst reports. Oppenheimer boosted their target price on shares of Everus Construction Group from $66.00 to $70.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Stifel Nicolaus boosted their target price on shares of Everus Construction Group from $71.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, July 11th. DA Davidson set a $88.00 price objective on shares of Everus Construction Group and gave the stock a "neutral" rating in a research note on Thursday. Finally, Wall Street Zen raised shares of Everus Construction Group from a "hold" rating to a "buy" rating in a research note on Saturday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.33.

Institutional Investors Weigh In On Everus Construction Group

Several hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its position in shares of Everus Construction Group by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock valued at $25,000 after buying an additional 198 shares in the last quarter. Signaturefd LLC raised its stake in Everus Construction Group by 91.6% in the 2nd quarter. Signaturefd LLC now owns 435 shares of the company's stock valued at $28,000 after purchasing an additional 208 shares during the last quarter. Country Trust Bank acquired a new position in Everus Construction Group in the 2nd quarter valued at $31,000. Quarry LP acquired a new position in Everus Construction Group in the 4th quarter valued at $36,000. Finally, GHP Investment Advisors Inc. acquired a new position in Everus Construction Group in the 2nd quarter valued at $37,000.

Everus Construction Group Trading Up 0.7%

The company has a 50 day moving average of $67.20 and a 200 day moving average of $53.94. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.69 and a current ratio of 1.77. The stock has a market capitalization of $3.89 billion and a price-to-earnings ratio of 23.52.

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.