Ecovyst (NYSE:ECVT) Shares Up 7.9% on Better-Than-Expected Earnings

Key Points

• Ecovyst shares rose 7.9% after quarterly results topped expectations, closing around $10.76 after reaching an intraday high of $11.07.
• The company reported EPS of $0.23 versus the $0.21 consensus and revenue of $308.6 million versus estimates of $287.45 million; revenue increased 50.6% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $14.62. Director Patti Humble also bought 24,875 shares at an average price of $10.05.

Ecovyst Inc. (NYSE:ECVT - Get Free Report) traded up 7.9% during trading on Thursday following a better than expected earnings announcement. The company traded as high as $11.07 and last traded at $10.7550. 1,327,827 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 1,650,765 shares. The stock had previously closed at $9.97.

The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.02. Ecovyst had a negative net margin of 7.05% and a positive return on equity of 13.83%. The company had revenue of $308.60 million during the quarter, compared to analyst estimates of $287.45 million. During the same quarter last year, the business posted $0.19 EPS. The company's revenue for the quarter was up 50.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ECVT. Wall Street Zen lowered Ecovyst from a "buy" rating to a "hold" rating in a report on Sunday. BWS Financial restated a "buy" rating and issued a $16.00 price objective on shares of Ecovyst in a report on Thursday, August 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ecovyst in a research report on Thursday, August 27th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $14.00 target price on shares of Ecovyst in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $14.62.

Insider Buying and Selling at Ecovyst

In related news, Director Patti Humble acquired 24,875 shares of the business's stock in a transaction that occurred on Thursday, September 10th. The shares were acquired at an average cost of $10.05 per share, with a total value of $249,993.75. Following the purchase, the director owned 33,974 shares of the company's stock, valued at approximately $341,438.70. The trade was a 273.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.84% of the company's stock.

Institutional Investors Weigh In On Ecovyst

Large investors have recently added to or reduced their stakes in the stock. Ethic Inc. acquired a new position in shares of Ecovyst during the third quarter valued at about $180,000. Ashton Thomas Private Wealth LLC grew its position in Ecovyst by 27.5% during the third quarter. Ashton Thomas Private Wealth LLC now owns 33,820 shares of the company's stock worth $332,000 after buying an additional 7,299 shares in the last quarter. CenterBook Partners LP grew its position in Ecovyst by 16.9% during the third quarter. CenterBook Partners LP now owns 133,340 shares of the company's stock worth $1,311,000 after buying an additional 19,276 shares in the last quarter. Brooklands Fund Management Ltd bought a new position in Ecovyst during the third quarter valued at about $246,000. Finally, Sterling Capital Management LLC increased its stake in Ecovyst by 7.8% during the third quarter. Sterling Capital Management LLC now owns 34,591 shares of the company's stock valued at $340,000 after acquiring an additional 2,507 shares during the period. Institutional investors own 86.69% of the company's stock.

Ecovyst Price Performance

The stock has a 50-day simple moving average of $10.15 and a 200 day simple moving average of $11.77. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.44 and a current ratio of 1.70. The company has a market cap of $1.18 billion, a P/E ratio of -20.31, a P/E/G ratio of 0.45 and a beta of 1.08.

About Ecovyst

Ecovyst Inc NYSE: ECVT is a global provider of specialty catalysts and advanced materials used in industrial and environmental applications. The company develops, manufactures and supplies products that help customers improve process efficiency, increase yields and meet emissions and sustainability requirements.

Through its Catalysts Technologies business, Ecovyst provides catalysts and related services for petroleum refining, renewable fuels, petrochemicals and other chemical processes.

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