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

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

MYR Group Stock Down 6.9 %

Shares of MYR Group stock traded down $11.45 on Thursday, hitting $153.37. 334,033 shares of the company’s stock traded hands, compared to its average volume of 134,850. The stock has a market cap of $2.57 billion, a P/E ratio of 28.04 and a beta of 1.10. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. The firm’s 50-day moving average is $166.06 and its 200 day moving average is $146.51. MYR Group has a 52-week low of $110.87 and a 52-week high of $181.02.

Analysts Set New Price Targets

MYRG has been the topic of a number of analyst reports. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research report on Monday, February 26th. KeyCorp assumed coverage on shares of MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Stifel Nicolaus cut their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. Finally, Robert W. Baird cut their target price on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.