MYR Group (NASDAQ:MYRG) Announces 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 the consensus estimate of $1.02 by $0.10, Briefing.com reports. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The company had revenue of $815.56 million during the quarter, compared to the consensus estimate of $854.13 million. During the same period in the previous year, the company posted $1.38 EPS. MYR Group’s revenue was up .5% compared to the same quarter last year.

MYR Group Stock Down 7.8 %

Shares of NASDAQ MYRG traded down $12.83 during midday trading on Thursday, hitting $151.99. 434,263 shares of the company’s stock were exchanged, compared to its average volume of 136,216. The firm’s fifty day simple moving average is $166.06 and its 200-day simple moving average is $146.51. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market cap of $2.54 billion, a PE ratio of 28.04 and a beta of 1.10. MYR Group has a twelve month low of $110.87 and a twelve month high of $181.02.

Analyst Ratings Changes

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

About MYR Group

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.