MYR Group (NASDAQ:MYRG) Announces Earnings Results, Beats Expectations By $0.40 EPS

MYR Group (NASDAQ:MYRG) announced its earnings results on Wednesday. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.40, Briefing.com reports. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same period last year, the company earned $1.28 EPS. MYR Group’s revenue for the quarter was down 5.5% compared to the same quarter last year.

MYR Group Stock Performance

Shares of NASDAQ MYRG traded up $15.46 during midday trading on Thursday, reaching $130.79. The company’s stock had a trading volume of 245,000 shares, compared to its average volume of 172,540. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market capitalization of $2.16 billion, a P/E ratio of 44.24 and a beta of 0.93. The firm has a 50 day moving average price of $105.57 and a 200-day moving average price of $128.97. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MYRG. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Robert W. Baird raised their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday. Stifel Nicolaus reduced their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, The Goldman Sachs Group lowered their target price on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $136.50.

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.