Everus (NYSE:ECG) Stock Price Down 8% on Disappointing Earnings

Everus (NYSE:ECG) dropped 8% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $57.18 and last traded at $62.98. Approximately 235,893 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 570,397 shares. The stock had previously closed at $68.42.

The company reported $0.67 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.06).

Analyst Ratings Changes

ECG has been the topic of a number of analyst reports. Oppenheimer increased their price objective on shares of Everus from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 7th. Stifel Nicolaus lifted their price target on Everus from $78.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, January 24th. Wolfe Research initiated coverage on Everus in a research note on Tuesday, December 3rd. They set a “peer perform” rating for the company. Finally, DA Davidson started coverage on shares of Everus in a research note on Monday, November 4th. They issued a “neutral” rating and a $55.00 price target on the stock.

Hedge Funds Weigh In On Everus

Institutional investors and hedge funds have recently bought and sold shares of the company. SRS Capital Advisors Inc. acquired a new position in shares of Everus in the fourth quarter valued at approximately $26,000. Principal Securities Inc. bought a new stake in shares of Everus in the fourth quarter worth $27,000. HighMark Wealth Management LLC acquired a new stake in Everus in the fourth quarter valued at $28,000. Crews Bank & Trust bought a new position in Everus during the 4th quarter worth $29,000. Finally, Mendota Financial Group LLC acquired a new position in Everus during the 4th quarter worth about $36,000.

Everus Price Performance

The company’s 50-day moving average price is $68.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.58 and a quick ratio of 1.50.

Everus 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.