MYR Group (NASDAQ:MYRG) Releases Quarterly Earnings Results

by · The Markets Daily

MYR Group (NASDAQ:MYRG – Get Free Report) released its quarterly earnings results on Wednesday. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60, Zacks reports. MYR Group had a return on equity of 20.31% and a net margin of 3.24%.The firm had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. During the same quarter last year, the firm posted $0.99 EPS. The company’s revenue was up 17.3% compared to the same quarter last year.

MYR Group Trading Down 0.5%

NASDAQ:MYRG traded down $1.34 during trading hours on Friday, reaching $271.13. The company’s stock had a trading volume of 15,945 shares, compared to its average volume of 224,304. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a market capitalization of $4.21 billion, a price-to-earnings ratio of 35.90 and a beta of 1.17. The firm has a 50-day simple moving average of $248.03 and a 200-day simple moving average of $219.55. MYR Group has a 1 year low of $97.72 and a 1 year high of $290.87.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group in the 4th quarter valued at about $35,000. Kestra Advisory Services LLC bought a new position in MYR Group during the 4th quarter worth approximately $66,000. Johnson Financial Group Inc. purchased a new position in MYR Group in the 3rd quarter worth approximately $74,000. Kemnay Advisory Services Inc. bought a new stake in MYR Group in the fourth quarter valued at approximately $93,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of MYR Group during the second quarter valued at approximately $144,000. 88.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on MYRG shares. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Stifel Nicolaus increased their price target on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. The Goldman Sachs Group raised their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Finally, Cantor Fitzgerald initiated coverage on MYR Group in a research note on Friday, January 23rd. They issued an “overweight” rating and a $285.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $218.71.

Check Out Our Latest Report on MYRG

MYR Group Company Profile

(Get Free Report)

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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