MYR Group (NASDAQ:MYRG) Releases Quarterly Earnings Results, Beats Estimates By $0.60 EPS

MYR Group (NASDAQ:MYRG) posted its earnings results on Wednesday. The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60, Zacks reports. The company had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. MYR Group’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 earnings per share.

MYR Group Stock Down 1.8%

Shares of MYR Group stock opened at $274.01 on Thursday. MYR Group has a 1 year low of $97.72 and a 1 year high of $284.98. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The company has a 50-day moving average of $246.91 and a 200 day moving average of $219.18. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 44.27 and a beta of 1.17.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MYRG. The Goldman Sachs Group increased their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Cantor Fitzgerald assumed coverage on MYR Group in a research note on Friday, January 23rd. They issued an “overweight” rating and a $285.00 price target for the company. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $218.71.

Institutional Trading of MYR Group

A number of hedge funds have recently made changes to their positions in MYRG. Bank of Montreal Can increased its position in MYR Group by 0.8% during the 4th 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 grew its stake 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 worth $1,869,000 after acquiring an additional 61 shares during the last quarter. Cetera Investment Advisers raised its position in shares of MYR Group by 2.2% in the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after purchasing an additional 62 shares during the last quarter. Great Lakes Advisors LLC boosted its stake in MYR Group by 0.6% in the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock worth $2,530,000 after purchasing an additional 66 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in MYR Group by 0.8% during the 3rd quarter. Alliancebernstein L.P. now owns 16,963 shares of the utilities provider’s stock valued at $3,529,000 after purchasing an additional 127 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

About MYR Group

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.