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

Everus (NYSE:ECG) dropped 8% during 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 changed 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).

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ECG shares. DA Davidson initiated coverage on shares of Everus in a research report on Monday, November 4th. They issued a “neutral” rating and a $55.00 price objective for the company. Oppenheimer raised their target price on shares of Everus from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. Wolfe Research began coverage on shares of Everus in a report on Tuesday, December 3rd. They issued a “peer perform” rating on the stock. Finally, Stifel Nicolaus upped their target price on shares of Everus from $78.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, January 24th.

Hedge Funds Weigh In On Everus

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. bought a new position in Everus in the fourth quarter valued at approximately $365,965,000. American Century Companies Inc. bought a new position in shares of Everus in the fourth quarter valued at $49,650,000. Norges Bank acquired a new position in Everus during the fourth quarter worth $34,672,000. Hennessy Advisors Inc. bought a new stake in Everus during the fourth quarter worth $31,611,000. Finally, US Bancorp DE acquired a new stake in Everus in the fourth quarter valued at $28,332,000.

Everus Price Performance

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

About Everus

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.