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

MYR Group (NASDAQ:MYRG) released its earnings results on Wednesday. The utilities provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10, Briefing.com reports. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm had revenue of $815.56 million during the quarter, compared to the consensus estimate of $854.13 million. During the same period in the prior year, the company posted $1.38 EPS. The company’s revenue was up .5% compared to the same quarter last year.

MYR Group Trading Down 5.3 %

NASDAQ:MYRG traded down $8.07 on Friday, reaching $143.92. 250,094 shares of the stock traded hands, compared to its average volume of 128,941. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 27.89 and a beta of 1.10. MYR Group has a 1-year low of $110.87 and a 1-year high of $181.02. The company has a current ratio of 1.40, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $165.49 and its 200-day moving average is $146.63.

Wall Street Analyst Weigh In

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

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.