Zacks: Brokerages Expect MYR Group Inc. (NASDAQ:MYRG) Will Announce Quarterly Sales of $660.75 Million

Equities analysts predict that MYR Group Inc. (NASDAQ:MYRGGet Rating) will announce sales of $660.75 million for the current quarter, Zacks reports. Two analysts have provided estimates for MYR Group’s earnings, with the highest sales estimate coming in at $667.20 million and the lowest estimate coming in at $654.30 million. MYR Group posted sales of $649.57 million in the same quarter last year, which would indicate a positive year over year growth rate of 1.7%. The firm is scheduled to report its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that MYR Group will report full-year sales of $2.78 billion for the current year, with estimates ranging from $2.72 billion to $2.84 billion. For the next year, analysts anticipate that the firm will report sales of $2.95 billion, with estimates ranging from $2.83 billion to $3.06 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for MYR Group.

MYR Group (NASDAQ:MYRGGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The utilities provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.03 by $0.18. MYR Group had a net margin of 3.37% and a return on equity of 16.96%. The business had revenue of $636.62 million during the quarter, compared to analysts’ expectations of $605.10 million. During the same period in the previous year, the business posted $1.17 EPS.

Several equities analysts recently issued reports on MYRG shares. StockNews.com cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 6th. Zacks Investment Research upgraded shares of MYR Group from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Saturday, April 30th. Finally, Stifel Nicolaus decreased their target price on shares of MYR Group from $126.00 to $101.00 in a research note on Wednesday, April 27th.

Large investors have recently bought and sold shares of the business. Pinebridge Investments L.P. acquired a new position in MYR Group during the fourth quarter worth $44,000. SG Americas Securities LLC acquired a new position in MYR Group during the third quarter worth $121,000. Meeder Asset Management Inc. raised its position in MYR Group by 15.8% during the first quarter. Meeder Asset Management Inc. now owns 2,022 shares of the utilities provider’s stock worth $190,000 after acquiring an additional 276 shares during the period. USA Financial Portformulas Corp raised its position in MYR Group by 18.3% during the fourth quarter. USA Financial Portformulas Corp now owns 1,808 shares of the utilities provider’s stock worth $200,000 after acquiring an additional 280 shares during the period. Finally, Gotham Asset Management LLC purchased a new stake in shares of MYR Group during the fourth quarter worth $214,000. Institutional investors own 86.17% of the company’s stock.

MYRG opened at $87.11 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a fifty day moving average price of $90.01 and a 200 day moving average price of $97.71. MYR Group has a 1 year low of $74.77 and a 1 year high of $121.22. The stock has a market cap of $1.48 billion, a P/E ratio of 17.42 and a beta of 1.16.

MYR Group Company Profile (Get Rating)

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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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