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

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

MYR Group Stock Performance

Shares of NASDAQ:MYRG traded up $13.28 during midday trading on Wednesday, hitting $279.92. The company’s stock had a trading volume of 413,694 shares, compared to its average volume of 278,368. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock’s 50 day simple moving average is $291.94 and its 200 day simple moving average is $332.56. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 26.56 and a beta of 1.32. MYR Group has a fifty-two week low of $199.30 and a fifty-two week high of $503.57.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MYRG shares. Robert W. Baird set a $375.00 price objective on MYR Group in a research note on Thursday, July 30th. Jefferies Financial Group raised MYR Group from a “hold” rating to a “buy” rating and decreased their target price for the stock from $377.00 to $370.00 in a research report on Tuesday, October 6th. The Goldman Sachs Group reiterated a “neutral” rating and set a $331.00 price target on shares of MYR Group in a report on Thursday, October 22nd. Stifel Nicolaus dropped their price target on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Finally, Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.