MYR Group (NASDAQ:MYRG) Hits New 1-Year High on Earnings Beat

Shares of MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $228.16 and last traded at $225.48, with a volume of 379991 shares trading hands. The stock had previously closed at $218.30.

The utilities provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The company had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the prior year, the firm posted $0.65 EPS. MYR Group’s quarterly revenue was up 7.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of MYR Group in a report on Friday, August 15th. They set a “hold” rating and a $202.00 price objective for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a report on Wednesday, October 8th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group increased their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus increased their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $194.50.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas purchased a new stake in MYR Group in the 1st quarter worth about $267,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in MYR Group in the 1st quarter worth about $1,922,000. Vanguard Personalized Indexing Management LLC purchased a new stake in MYR Group in the 2nd quarter worth about $211,000. Allspring Global Investments Holdings LLC raised its position in MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after purchasing an additional 11,107 shares during the period. Finally, HB Wealth Management LLC purchased a new stake in MYR Group in the 2nd quarter worth about $224,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 5.3%

The firm has a market capitalization of $3.31 billion, a PE ratio of 34.50 and a beta of 1.19. The stock’s 50-day moving average price is $195.01 and its 200 day moving average price is $176.66. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33.

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.