MYR Group (NASDAQ:MYRG) Releases Earnings Results, Beats Expectations By $0.40 EPS

MYR Group (NASDAQ:MYRG) issued its quarterly earnings results on Wednesday. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40, Briefing.com reports. The company had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a return on equity of 5.91% and a net margin of 1.08%. MYR Group’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the business posted $1.28 earnings per share.

MYR Group Stock Performance

NASDAQ MYRG traded down $1.18 on Friday, hitting $129.82. 164,205 shares of the stock traded hands, compared to its average volume of 175,090. The business’s fifty day moving average is $105.57 and its two-hundred day moving average is $128.97. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market capitalization of $2.14 billion, a price-to-earnings ratio of 57.21 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

Analyst Ratings Changes

A number of brokerages recently commented on MYRG. The Goldman Sachs Group decreased their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Stifel Nicolaus decreased their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Robert W. Baird increased 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $136.50.

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.