MYR Group (NASDAQ:MYRG) Issues Earnings Results, Beats Expectations By $0.24 EPS

MYR Group (NASDAQ:MYRG) released its quarterly earnings data on Wednesday. The utilities provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.24, Zacks reports. MYR Group had a net margin of 1.08% and a return on equity of 6.05%.

MYR Group Trading Up 3.6 %

Shares of NASDAQ:MYRG traded up $4.34 during trading hours on Wednesday, hitting $125.63. 251,363 shares of the company’s stock traded hands, compared to its average volume of 190,679. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02. The firm has a market capitalization of $2.03 billion, a P/E ratio of 54.86 and a beta of 0.94. The business has a fifty day moving average price of $143.94 and a 200-day moving average price of $130.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Analysts Set New Price Targets

MYRG has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus upped their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Robert W. Baird lifted their price target on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, MYR Group has an average rating of “Moderate Buy” and an average target price of $157.00.

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.