MYR Group (NASDAQ:MYRG) Shares Up 12.4% After Better-Than-Expected Earnings

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) shares shot up 12.4% on Thursday following a stronger than expected earnings report. The stock traded as high as $129.65 and last traded at $129.63. 210,573 shares were traded during trading, an increase of 22% from the average session volume of 172,182 shares. The stock had previously closed at $115.33.

The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group's revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of research reports. Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a report on Monday, August 5th. StockNews.com downgraded shares of MYR Group from a "hold" rating to a "sell" rating in a report on Wednesday, September 18th. The Goldman Sachs Group reduced their price target on shares of MYR Group from $182.00 to $124.00 and set a "buy" rating on the stock in a report on Thursday, September 19th. Finally, Robert W. Baird lifted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an "outperform" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $136.50.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently made changes to their positions in MYRG. Capital World Investors boosted its stake in shares of MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider's stock worth $172,287,000 after purchasing an additional 831,066 shares during the period. Swedbank AB purchased a new position in shares of MYR Group during the 1st quarter worth about $51,452,000. Assenagon Asset Management S.A. boosted its position in MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock valued at $18,978,000 after buying an additional 147,598 shares during the period. F M Investments LLC purchased a new stake in MYR Group in the 2nd quarter valued at about $10,800,000. Finally, Millennium Management LLC boosted its position in MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock valued at $23,251,000 after buying an additional 69,886 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

The company has a market capitalization of $2.16 billion, a PE 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's 50-day simple moving average is $105.57 and its 200-day simple moving average is $128.97.

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.