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

MYR Group (NASDAQ:MYRG - Get Free Report) released its quarterly earnings results on Wednesday. The utilities provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.24, Zacks reports. The business had revenue of $829.80 million for the quarter, compared to analysts' expectations of $887.55 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%.

MYR Group Stock Performance

Shares of NASDAQ:MYRG traded up $2.72 during mid-day trading on Friday, reaching $122.72. 249,169 shares of the company traded hands, compared to its average volume of 196,145. The company's 50 day moving average price is $142.07 and its 200-day moving average price is $130.80. The firm has a market cap of $1.98 billion, a PE ratio of 53.59 and a beta of 0.94. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MYRG shares. StockNews.com raised MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. The Goldman Sachs Group raised their price objective on MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Stifel Nicolaus raised their price objective on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th. Finally, Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research report on Thursday.

MYR Group Company Profile

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.