Everus Construction Group (NYSE:ECG) Shares Gap Down - Here's What Happened

Key Points

• Everus shares fell sharply: The stock opened at $99.72 after closing at $112.73 and was recently trading at $93.14, while the article reports a 28.3% decline.
• Quarterly results beat estimates: Everus reported EPS of $1.79 versus analysts’ $1.31 consensus and revenue of $1.38 billion versus $1.19 billion expected; revenue rose 40.3% year over year.
• Analyst sentiment remained moderately positive: MarketBeat listed an average “Moderate Buy” rating and a $169.50 average price target, with one Strong Buy, four Buy, and four Hold ratings.

Everus Construction Group, Inc. (NYSE:ECG - Get Free Report) shares gapped down prior to trading 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 traded.

Analyst Ratings Changes

Several analysts recently weighed in on ECG shares. Oppenheimer restated an "outperform" rating and set a $200.00 price target on shares of Everus Construction Group in a report on Thursday, August 6th. Cantor Fitzgerald dropped their price objective on shares of Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating for the company in a research note on Thursday, August 13th. DA Davidson assumed coverage on shares of Everus Construction Group in a research report on Friday, August 21st. They set a "buy" rating and a $168.00 price objective on the stock. Zacks Research downgraded shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. Finally, Weiss Ratings raised shares of Everus Construction Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Everus Construction Group currently has an average rating of "Moderate Buy" and an average target price of $169.50.

Everus Construction Group Stock Down 28.3%

The business has a 50 day moving average of $114.12 and a two-hundred day moving average of $125.44. The stock has a market capitalization of $4.12 billion, a PE ratio of 16.17 and a beta of 2.36. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.53 and a current ratio of 1.59.

Everus Construction Group (NYSE:ECG - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.31 by $0.48. Everus Construction Group had a return on equity of 38.22% and a net margin of 5.96%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the previous year, the firm earned $1.11 earnings per share. The company's revenue was up 40.3% on a year-over-year basis. Analysts predict that Everus Construction Group, Inc. will post 5.25 EPS for the current year.

Insiders Place Their Bets

In other news, VP Paul R. Sanderson sold 3,300 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $136.69, for a total value of $451,077.00. Following the completion of the sale, the vice president owned 18,950 shares of the company's stock, valued at $2,590,275.50. This represents a 14.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David M. Sparby bought 1,000 shares of the firm's stock in a transaction on Monday, August 17th. The stock was bought at an average cost of $144.95 per share, for a total transaction of $144,950.00. Following the transaction, the director directly owned 19,658 shares of the company's stock, valued at $2,849,427.10. The trade was a 5.36% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.33% of the company's stock.

Institutional Trading of Everus Construction Group

Large investors have recently made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of Everus Construction Group during the third quarter valued at approximately $1,467,000. Fulcrum Asset Management LLP acquired a new position in Everus Construction Group in the 3rd quarter valued at $40,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Everus Construction Group by 14.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 214,511 shares of the company's stock worth $25,662,000 after purchasing an additional 27,249 shares during the period. StoneX Group Inc. purchased a new position in shares of Everus Construction Group during the 3rd quarter worth $336,000. Finally, Alps Advisors Inc. boosted its holdings in shares of Everus Construction Group by 23.2% during the third quarter. Alps Advisors Inc. now owns 20,048 shares of the company's stock worth $2,356,000 after purchasing an additional 3,770 shares during 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.

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