NEW YORK (TheStreet) -- Dycom (DY) - Get Report stock is surging 13.64% to $82.40 on heavy trading volume early Wednesday afternoon after reporting 2016 third quarter earnings and revenue that beat analysts' expectations. 

After yesterday's market close, Dycom reported adjusted earnings of $1.08 per share, above analysts' estimates for 74 cents per share

Contract revenues rose 28.7% year-over-year to $664.6 million for the most recent period, topping analysts' estimates for $597.8 million.

For the current quarter,  Dycom expects adjusted earnings between $1.45 and $1.60 per share on revenue between $750 million and $780 million. 

Analysts surveyed by Thomson Reuters are looking for earnings of $1.36 per share on $730.6 million in revenue.

About 2.57 million shares of the specialty contracting services provider have been traded so far today, well above the company's average trading volume of 484,675 per day. 

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.

Dycom's strengths such as its robust revenue growth, notable return on equity, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: DY

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of A-.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

Image placeholder title