MYR Group (NASDAQ:MYRG) Issues Quarterly Earnings Results, Beats Expectations By $0.90 EPS

MYR Group (NASDAQ:MYRG) announced its earnings results on Wednesday. The utilities provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.09 by $0.90, FiscalAI reports. MYR Group had a return on equity of 22.87% and a net margin of 3.71%.The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. During the same period in the prior year, the business posted $1.45 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis.

MYR Group Stock Up 3.3%

Shares of NASDAQ:MYRG traded up $13.19 during trading on Friday, reaching $418.00. 61,308 shares of the stock were exchanged, compared to its average volume of 260,006. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group has a 1-year low of $147.22 and a 1-year high of $428.38. The stock has a fifty day moving average of $293.29 and a two-hundred day moving average of $253.12. The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 46.09 and a beta of 1.07.

Hedge Funds Weigh In On MYR Group

A number of institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its holdings in shares of MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after buying an additional 50 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after buying an additional 61 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of MYR Group by 2.2% during the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock valued at $620,000 after buying an additional 62 shares in the last quarter. Great Lakes Advisors LLC raised its holdings in shares of MYR Group by 0.6% during the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock valued at $2,530,000 after buying an additional 66 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in shares of MYR Group by 0.8% during the 3rd quarter. Alliancebernstein L.P. now owns 16,963 shares of the utilities provider’s stock valued at $3,529,000 after buying an additional 127 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MYRG. The Goldman Sachs Group upped their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Cantor Fitzgerald upped their target price on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday, March 2nd. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Stifel Nicolaus set a $351.00 price target on MYR Group in a report on Thursday, April 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $271.00.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.