Tidal Investments LLC Has $11.26 Million Position in Everus Construction Group, Inc. $ECG

Key Points

• Tidal Investments dramatically increased its Everus Construction Group stake by 3,682.9% in the second quarter, ending with 67,827 shares valued at approximately $11.26 million.
• Everus reported strong quarterly results, with earnings of $1.64 per share and revenue of $1.23 billion, surpassing estimates and representing 33.7% year-over-year revenue growth.
• Analysts maintain a positive outlook, giving the stock a consensus “Moderate Buy” rating and an average price target of $169.50, well above its recent $119.49 opening price.

Tidal Investments LLC lifted its stake in Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 3,682.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,827 shares of the company's stock after acquiring an additional 66,034 shares during the quarter. Tidal Investments LLC owned approximately 0.13% of Everus Construction Group worth $11,256,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC raised its stake in shares of Everus Construction Group by 6.7% during the 1st quarter. Parallel Advisors LLC now owns 1,200 shares of the company's stock worth $142,000 after purchasing an additional 75 shares in the last quarter. Root Financial Partners LLC increased its holdings in Everus Construction Group by 126.0% in the first quarter. Root Financial Partners LLC now owns 217 shares of the company's stock worth $26,000 after buying an additional 121 shares during the last quarter. Maryland State Retirement & Pension System raised its position in Everus Construction Group by 1.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 10,379 shares of the company's stock valued at $888,000 after acquiring an additional 146 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in Everus Construction Group in the second quarter valued at approximately $28,000. Finally, Geneos Wealth Management Inc. lifted its stake in Everus Construction Group by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock valued at $25,000 after acquiring an additional 198 shares during the last quarter.

Everus Construction Group Stock Performance

Shares of NYSE ECG opened at $119.49 on Friday. The company has a quick ratio of 1.53, a current ratio of 1.59 and a debt-to-equity ratio of 0.34. The business's 50 day moving average is $128.46 and its two-hundred day moving average is $134.27. The company has a market cap of $6.10 billion, a P/E ratio of 24.04 and a beta of 2.28. Everus Construction Group, Inc. has a 12 month low of $77.67 and a 12 month high of $171.58.

Everus Construction Group (NYSE:ECG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.50. Everus Construction Group had a return on equity of 38.22% and a net margin of 5.96%.The company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the prior year, the business earned $1.03 earnings per share. Everus Construction Group's revenue for the quarter was up 33.7% compared to the same quarter last year. On average, equities analysts expect that Everus Construction Group, Inc. will post 5.25 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ECG. Oppenheimer restated an "outperform" rating and set a $200.00 price target on shares of Everus Construction Group in a research note on Thursday, August 6th. DA Davidson started coverage on shares of Everus Construction Group in a report on Friday, August 21st. They issued a "buy" rating and a $168.00 price objective for the company. Weiss Ratings lowered Everus Construction Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday. Zacks Research raised Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Finally, Guggenheim upped their price target on Everus Construction Group from $160.00 to $184.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $169.50.

Insiders Place Their Bets

In related news, Director David M. Sparby acquired 1,000 shares of the company's stock in a transaction dated 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 acquisition, the director owned 19,658 shares in the company, valued at $2,849,427.10. This trade represents a 5.36% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Paul R. Sanderson sold 3,300 shares of the company's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $136.69, for a total transaction of $451,077.00. Following the transaction, the vice president directly owned 18,950 shares of the company's stock, valued at $2,590,275.50. This represents a 14.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.33% of the stock is owned by corporate insiders.

Everus Construction Group Profile

Everus Construction Group, Inc is a U.S.-based specialty contractor that provides electrical and mechanical construction services. The company supports utility, commercial, industrial, institutional, renewable energy and infrastructure customers through the design, installation, maintenance and repair of complex construction systems.

Its electrical capabilities include overhead and underground transmission and distribution, substations, power generation, communications infrastructure and renewable energy projects.

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