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

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

MYR Group Stock Up 13.4 %

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

Analysts Set New Price Targets

A number of equities analysts have commented on MYRG shares. Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. The Goldman Sachs Group lowered their price target 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. Finally, 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 research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Hold” and a consensus target price 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.