MYR Group (NASDAQ:MYRG) Stock Price Up 12.4% Following Strong Earnings

Shares of MYR Group Inc. (NASDAQ:MYRG) were up 12.4% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $129.65 and last traded at $129.63. Approximately 210,573 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 172,182 shares. The stock had previously closed at $115.33.

The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 earnings per share.

Analyst Ratings Changes

Several research firms have recently weighed in on MYRG. Robert W. Baird upped 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. The Goldman Sachs Group decreased their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Stifel Nicolaus dropped their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, MYR Group has a consensus rating of “Hold” and a consensus target price of $136.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Fidelis Capital Partners LLC purchased a new position in MYR Group during the first quarter valued at $48,000. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group during the 3rd quarter valued at approximately $116,000. Covestor Ltd lifted its position in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares in the last quarter. RiverPark Advisors LLC raised its stake in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares during the period. Finally, EntryPoint Capital LLC purchased a new position in MYR Group in the 1st quarter worth approximately $186,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Up 12.7 %

The company has a 50 day simple moving average of $105.57 and a two-hundred day simple moving average of $128.97. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $2.15 billion, a P/E ratio of 44.24 and a beta of 0.93.

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.