MYR Group (NASDAQ:MYRG) Posts Quarterly Earnings Results, Beats Estimates By $0.85 EPS

MYR Group (NASDAQ:MYRG) announced its quarterly earnings data on Wednesday. The utilities provider reported $3.82 earnings per share for the quarter, beating the consensus estimate of $2.97 by $0.85, FiscalAI reports. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.16 billion.

MYR Group Stock Up 5.0%

Shares of NASDAQ:MYRG traded up $13.28 during midday trading on Wednesday, hitting $279.92. 413,695 shares of the company’s stock were exchanged, compared to its average volume of 278,368. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a 50 day moving average price of $291.94 and a 200-day moving average price of $332.56. The company has a market cap of $4.36 billion, a PE ratio of 26.56 and a beta of 1.32. MYR Group has a 12 month low of $199.30 and a 12 month high of $503.57.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MYRG. Robert W. Baird set a $375.00 price target on MYR Group in a research note on Thursday, July 30th. The Goldman Sachs Group reissued a “neutral” rating and issued a $331.00 price objective on shares of MYR Group in a research note on Thursday, October 22nd. Weiss Ratings downgraded MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Finally, Stifel Nicolaus lowered their target price on MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $406.60.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.