Zacks: Brokerages Anticipate MYR Group Inc (MYRG) Will Announce Earnings of $0.53 Per Share

Wall Street analysts forecast that MYR Group Inc (NASDAQ:MYRG) will announce earnings per share of $0.53 for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for MYR Group’s earnings, with the highest EPS estimate coming in at $0.65 and the lowest estimate coming in at $0.43. MYR Group posted earnings per share of $0.31 during the same quarter last year, which indicates a positive year over year growth rate of 71%. The business is expected to announce its next quarterly earnings results on Wednesday, November 7th.

On average, analysts expect that MYR Group will report full year earnings of $1.86 per share for the current financial year, with EPS estimates ranging from $1.79 to $1.93. For the next fiscal year, analysts expect that the company will report earnings of $2.34 per share, with EPS estimates ranging from $2.25 to $2.58. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow MYR Group.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, August 1st. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.03. The firm had revenue of $339.68 million for the quarter, compared to analysts’ expectations of $364.65 million. MYR Group had a net margin of 2.18% and a return on equity of 7.81%. The business’s revenue was down 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS.

Several analysts have recently issued reports on MYRG shares. Zacks Investment Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 31st. BidaskClub cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, June 13th. ValuEngine cut shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Friday, June 15th. Stifel Nicolaus upped their target price on shares of MYR Group from $37.00 to $41.00 and gave the company a “hold” rating in a research report on Tuesday, July 10th. Finally, Robert W. Baird restated a “buy” rating and set a $39.00 target price on shares of MYR Group in a research report on Thursday, August 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $40.60.

Shares of NASDAQ MYRG opened at $31.62 on Monday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.86 and a current ratio of 1.86. The stock has a market cap of $526.12 million, a PE ratio of 23.35 and a beta of 0.50. MYR Group has a 12-month low of $28.06 and a 12-month high of $40.81.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sheets Smith Wealth Management raised its position in shares of MYR Group by 11.6% during the 2nd quarter. Sheets Smith Wealth Management now owns 13,655 shares of the utilities provider’s stock valued at $484,000 after buying an additional 1,421 shares in the last quarter. Swiss National Bank grew its holdings in MYR Group by 5.5% during the 1st quarter. Swiss National Bank now owns 28,700 shares of the utilities provider’s stock valued at $885,000 after purchasing an additional 1,500 shares during the last quarter. Paloma Partners Management Co grew its holdings in MYR Group by 16.2% during the 2nd quarter. Paloma Partners Management Co now owns 11,100 shares of the utilities provider’s stock valued at $394,000 after purchasing an additional 1,545 shares during the last quarter. Global X Management Co LLC grew its holdings in MYR Group by 19.1% during the 2nd quarter. Global X Management Co LLC now owns 10,135 shares of the utilities provider’s stock valued at $359,000 after purchasing an additional 1,623 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in MYR Group by 34.1% during the 1st quarter. Citigroup Inc. now owns 8,228 shares of the utilities provider’s stock valued at $254,000 after purchasing an additional 2,091 shares during the last quarter. Hedge funds and other institutional investors own 87.67% of the company’s stock.

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 and the renewable energy industries.

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Earnings History and Estimates for MYR Group (NASDAQ:MYRG)

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