MYR Group Inc Forecasted to Earn Q1 2018 Earnings of $0.23 Per Share (MYRG)
MYR Group Inc (NASDAQ:MYRG) – Equities research analysts at KeyCorp issued their Q1 2018 earnings estimates for MYR Group in a report issued on Thursday. KeyCorp analyst T. Afzal expects that the utilities provider will post earnings per share of $0.23 for the quarter. KeyCorp currently has a “Hold” rating on the stock. KeyCorp also issued estimates for MYR Group’s Q2 2018 earnings at $0.49 EPS, Q3 2018 earnings at $0.67 EPS and Q4 2018 earnings at $0.45 EPS.
A number of other research firms have also recently weighed in on MYRG. B. Riley increased their price objective on MYR Group from $28.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, November 16th. Zacks Investment Research cut MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. TheStreet raised MYR Group from a “c+” rating to a “b-” rating in a research report on Thursday, November 16th. Canaccord Genuity raised their price target on MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, March 9th. Finally, BidaskClub cut MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $36.00.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. MYR Group had a return on equity of 4.90% and a net margin of 1.51%. The company had revenue of $373.50 million during the quarter, compared to analysts’ expectations of $373.85 million. During the same period last year, the firm earned $0.48 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis.
Several institutional investors and hedge funds have recently bought and sold shares of MYRG. Vanguard Group Inc. lifted its holdings in shares of MYR Group by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 910,518 shares of the utilities provider’s stock valued at $28,245,000 after buying an additional 33,997 shares during the period. Voya Investment Management LLC increased its stake in MYR Group by 11.0% in the 2nd quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock valued at $295,000 after purchasing an additional 941 shares in the last quarter. Royal Bank of Canada increased its stake in MYR Group by 11.4% in the 2nd quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock valued at $258,000 after purchasing an additional 852 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in MYR Group by 14.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock valued at $413,000 after purchasing an additional 1,631 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new position in MYR Group in the 3rd quarter valued at approximately $207,000. 89.25% of the stock is owned by institutional investors and hedge funds.
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MYR Group Company Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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