MYR Group (NASDAQ:MYRG – Get Free Report) announced its earnings results on Wednesday. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.85, FiscalAI reports. MYR Group had a net margin of 4.48% and a return on equity of 27.37%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the business earned $2.05 earnings per share. MYR Group’s quarterly revenue was up 32.5% on a year-over-year basis.
MYR Group Stock Performance
Shares of MYR Group stock opened at $282.21 on Friday. MYR Group has a fifty-two week low of $199.30 and a fifty-two week high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market capitalization of $4.39 billion, a P/E ratio of 22.93 and a beta of 1.32. The company’s 50 day moving average price is $290.20 and its two-hundred day moving average price is $333.15.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Weiss Ratings lowered shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Robert W. Baird set a $363.00 price objective on MYR Group in a report on Thursday. Stifel Nicolaus decreased their price target on MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, Jefferies Financial Group raised MYR Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $377.00 to $370.00 in a research report on Tuesday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $404.20.
Check Out Our Latest Research Report on MYRG
About MYR Group
MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.
MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.
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