MYR Group (NASDAQ:MYRG) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

MYR Group (NASDAQ:MYRG) posted its quarterly earnings data on Wednesday. The utilities provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.02 by $0.10, Briefing.com reports. The firm had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. MYR Group’s revenue was up .5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.38 EPS.

MYR Group Stock Performance

NASDAQ MYRG traded down $11.45 during mid-day trading on Thursday, reaching $153.37. 334,033 shares of the stock were exchanged, compared to its average volume of 134,850. The business’s 50 day moving average is $166.06 and its 200-day moving average is $146.51. MYR Group has a 1 year low of $110.87 and a 1 year high of $181.02. The company has a market capitalization of $2.57 billion, a P/E ratio of 28.04 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. KeyCorp assumed coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Robert W. Baird dropped their price objective on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a report on Monday, February 26th. Finally, Stifel Nicolaus dropped their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $173.25.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.