MYR Group (NASDAQ:MYRG) Releases Earnings Results, Beats Estimates By $0.60 EPS

MYR Group (NASDAQ:MYRG) issued its quarterly earnings results on Wednesday. The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60, Zacks reports. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.During the same period in the previous year, the company posted $0.99 EPS. MYR Group’s revenue for the quarter was up 17.3% on a year-over-year basis.

MYR Group Stock Performance

Shares of NASDAQ:MYRG traded down $4.99 during trading on Wednesday, reaching $274.01. The stock had a trading volume of 379,915 shares, compared to its average volume of 215,330. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $245.67 and a two-hundred day simple moving average of $218.80. The firm has a market capitalization of $4.25 billion, a price-to-earnings ratio of 45.07 and a beta of 1.17. MYR Group has a 52 week low of $97.72 and a 52 week high of $284.98.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MYRG. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Cantor Fitzgerald assumed coverage on MYR Group in a report on Friday, January 23rd. They issued an “overweight” rating and a $285.00 target price on the stock. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. The Goldman Sachs Group boosted their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. One investment 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $218.71.

Hedge Funds Weigh In On MYR Group

Large investors have recently bought and sold shares of the stock. Acumen Wealth Advisors LLC bought a new stake in MYR Group during the 4th quarter worth about $35,000. Kestra Advisory Services LLC acquired a new position in shares of MYR Group during the fourth quarter worth approximately $66,000. Johnson Financial Group Inc. bought a new stake in shares of MYR Group during the third quarter valued at approximately $74,000. Kemnay Advisory Services Inc. acquired a new stake in shares of MYR Group in the fourth quarter valued at approximately $93,000. Finally, Raymond James Financial Inc. bought a new position in MYR Group in the 2nd quarter worth approximately $144,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

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.