MYR Group (NASDAQ:MYRG) Shares Gap Up After Earnings Beat

MYR Group, Inc. (NASDAQ:MYRG) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $337.76, but opened at $363.68. MYR Group shares last traded at $370.6290, with a volume of 57,881 shares traded.

The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $931.95 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.45 earnings per share.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MYRG. Cantor Fitzgerald upped their price target on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Stifel Nicolaus set a $351.00 price target on MYR Group in a report on Thursday, April 16th. Robert W. Baird set a $373.00 price target on MYR Group in a report on Thursday. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group increased their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $271.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in shares of MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after buying an additional 47 shares in the last quarter. Bank of Montreal Can increased its position in shares of MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after buying an additional 50 shares in the last quarter. Captrust Financial Advisors increased its position in shares of MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after buying an additional 61 shares in the last quarter. Cetera Investment Advisers increased its position in shares of MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock valued at $620,000 after buying an additional 62 shares in the last quarter. Finally, Signaturefd LLC increased its position in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 13.9%

The firm has a market cap of $5.98 billion, a PE ratio of 50.20 and a beta of 1.07. The business has a 50-day moving average price of $290.61 and a two-hundred day moving average price of $252.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.