MYR Group (NASDAQ:MYRG) Releases Quarterly Earnings Results

MYR Group (NASDAQ:MYRG) released its earnings results on Wednesday. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40, Briefing.com reports. The company had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. MYR Group had a return on equity of 5.91% and a net margin of 1.08%. MYR Group’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 earnings per share.

MYR Group Stock Performance

Shares of MYRG stock traded down $0.91 on Friday, hitting $130.09. 503,444 shares of the stock were exchanged, compared to its average volume of 176,555. The firm’s 50 day moving average is $106.69 and its two-hundred day moving average is $128.73. MYR Group has a one year low of $86.60 and a one year high of $181.02. The firm has a market capitalization of $2.15 billion, a PE ratio of 56.81 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.

Wall Street Analysts Forecast Growth

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

About MYR Group

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.