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

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

MYR Group Price Performance

Shares of MYRG stock traded down $12.83 during trading hours on Thursday, hitting $151.99. 434,248 shares of the company’s stock were exchanged, compared to its average volume of 136,216. The stock’s 50-day moving average is $166.06 and its 200-day moving average is $146.51. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37. MYR Group has a 52 week low of $110.87 and a 52 week high of $181.02. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 28.04 and a beta of 1.10.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MYRG. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a report on Monday, February 26th. KeyCorp began coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Stifel Nicolaus lowered their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Finally, Robert W. Baird cut their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $173.25.

About MYR Group

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.