MYR Group (NASDAQ:MYRG) Announces Quarterly Earnings Results

MYR Group (NASDAQ:MYRG) posted its quarterly earnings data on Wednesday. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98), 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 $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. During the same period in the prior year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis.

MYR Group Price Performance

NASDAQ MYRG traded down $9.50 during trading hours on Friday, hitting $99.50. The company had a trading volume of 497,449 shares, compared to its average volume of 280,084. MYR Group has a 52 week low of $97.78 and a 52 week high of $181.02. The firm has a 50 day simple moving average of $141.74 and a 200 day simple moving average of $153.01. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.40 and a current ratio of 1.36. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 19.28 and a beta of 0.99.

Analysts Set New Price Targets

Several research analysts have weighed in on MYRG shares. Stifel Nicolaus cut their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Robert W. Baird dropped their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.00.

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.