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

MYR Group (NASDAQ:MYRG - Get Free Report) issued its quarterly earnings results on Wednesday. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.40, Briefing.com reports. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same period in the prior year, the firm earned $1.28 EPS. The business's revenue was down 5.5% on a year-over-year basis.

MYR Group Price Performance

Shares of MYR Group stock traded up $15.67 during mid-day trading on Thursday, reaching $131.00. 793,962 shares of the stock were exchanged, compared to its average volume of 175,142. The company has a market cap of $2.16 billion, a price-to-earnings ratio of 57.21 and a beta of 0.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $105.57 and a 200 day simple moving average of $128.97. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a report on Thursday. StockNews.com cut shares of MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. The Goldman Sachs Group dropped their price objective on shares of MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a research note on Thursday, September 19th. Finally, Stifel Nicolaus dropped their price objective on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $136.50.

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.