Analysts Anticipate MYR Group Inc. (NASDAQ:MYRG) Will Announce Earnings of $1.10 Per Share

Wall Street brokerages expect MYR Group Inc. (NASDAQ:MYRG – Get Rating) to report earnings per share (EPS) of $1.10 for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for MYR Group’s earnings. The lowest EPS estimate is $1.05 and the highest is $1.14. MYR Group posted earnings of $1.24 per share in the same quarter last year, which suggests a negative year over year growth rate of 11.3%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that MYR Group will report full-year earnings of $5.05 per share for the current fiscal year, with EPS estimates ranging from $4.92 to $5.18. For the next financial year, analysts forecast that the firm will post earnings of $5.54 per share, with EPS estimates ranging from $5.47 to $5.60. Zacks’ earnings per share calculations are an average based on a survey of research firms that follow MYR Group.

MYR Group (NASDAQ:MYRG – Get Rating) last issued its quarterly earnings data on Wednesday, April 27th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.18. MYR Group had a return on equity of 16.96% and a net margin of 3.37%. The business had revenue of $636.62 million during the quarter, compared to analyst estimates of $605.10 million. During the same period in the previous year, the firm earned $1.17 EPS.

Several brokerages recently issued reports on MYRG. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a research report on Saturday, April 30th. StockNews.com downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 6th. Finally, Stifel Nicolaus reduced their price target on MYR Group from $126.00 to $101.00 in a research report on Wednesday, April 27th.

Several institutional investors have recently made changes to their positions in MYRG. Allspring Global Investments Holdings LLC bought a new stake in shares of MYR Group during the 4th quarter worth approximately $14,483,000. JPMorgan Chase & Co. raised its stake in MYR Group by 115.3% in the 4th quarter. JPMorgan Chase & Co. now owns 202,440 shares of the utilities provider’s stock valued at $22,380,000 after acquiring an additional 108,411 shares during the period. BlackRock Inc. raised its stake in MYR Group by 2.7% in the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock valued at $274,868,000 after acquiring an additional 77,662 shares during the period. Morgan Stanley raised its stake in MYR Group by 184.4% in the 2nd quarter. Morgan Stanley now owns 118,408 shares of the utilities provider’s stock valued at $10,766,000 after acquiring an additional 76,779 shares during the period. Finally, First Trust Advisors LP raised its stake in MYR Group by 69.2% in the 4th quarter. First Trust Advisors LP now owns 173,626 shares of the utilities provider’s stock valued at $19,194,000 after acquiring an additional 71,010 shares during the period. Institutional investors own 86.17% of the company’s stock.

Shares of MYRG traded up $1.64 on Tuesday, hitting $89.31. The company’s stock had a trading volume of 118,144 shares, compared to its average volume of 101,714. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.09. The firm’s fifty day moving average price is $89.88 and its 200-day moving average price is $97.47. MYR Group has a fifty-two week low of $74.77 and a fifty-two week high of $121.22. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 17.53 and a beta of 1.16.

About MYR Group (Get Rating)

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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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