MYR Group Inc (MYRG) Forecasted to Post FY2018 Earnings of $1.91 Per Share
MYR Group Inc (NASDAQ:MYRG) – Investment analysts at B. Riley lifted their FY2018 earnings estimates for MYR Group in a report released on Thursday. B. Riley analyst A. Rygiel now expects that the utilities provider will post earnings per share of $1.91 for the year, up from their previous forecast of $1.55. B. Riley currently has a “Neutral” rating and a $35.00 price objective on the stock.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The business had revenue of $373.50 million for the quarter, compared to analyst estimates of $350.80 million. During the same quarter in the prior year, the firm earned $0.38 EPS. The firm’s quarterly revenue was up 31.8% on a year-over-year basis.
A number of other equities research analysts also recently weighed in on the stock. TheStreet upgraded shares of MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. BidaskClub downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 15th. Robert W. Baird lifted their price target on shares of MYR Group from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Zacks Investment Research upgraded shares of MYR Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, KeyCorp reiterated a “hold” rating on shares of MYR Group in a research note on Friday, November 24th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. MYR Group presently has an average rating of “Buy” and a consensus target price of $34.83.
MYR Group (NASDAQ:MYRG) traded down $0.11 on Monday, reaching $34.51. 78,699 shares of the company’s stock were exchanged, compared to its average volume of 115,200. MYR Group has a 1 year low of $23.00 and a 1 year high of $43.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market capitalization of $568.10, a P/E ratio of 36.71 and a beta of 0.47.
Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Sei Investments Co. bought a new position in shares of MYR Group during the second quarter valued at $170,000. Schwab Charles Investment Management Inc. lifted its holdings in shares of MYR Group by 8.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 143,888 shares of the utilities provider’s stock valued at $4,464,000 after acquiring an additional 10,899 shares during the period. Arizona State Retirement System lifted its holdings in shares of MYR Group by 2.4% during the second quarter. Arizona State Retirement System now owns 8,559 shares of the utilities provider’s stock valued at $266,000 after acquiring an additional 200 shares during the period. Legal & General Group Plc lifted its holdings in shares of MYR Group by 9.5% during the second quarter. Legal & General Group Plc now owns 28,992 shares of the utilities provider’s stock valued at $899,000 after acquiring an additional 2,518 shares during the period. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of MYR Group by 4.2% during the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 217 shares during the period. 87.16% of the stock is owned by institutional investors.
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About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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