MYR Group (NASDAQ:MYRG) Releases Earnings Results, Beats Expectations By $0.85 EPS

Key Points

• MYR Group reported quarterly EPS of $3.82, exceeding analysts’ $2.97 consensus by $0.85. Revenue reached $1.26 billion, also ahead of the $1.16 billion estimate.
• Shares rose 5.0% to $279.92 following the results. The company reported a 24.17% return on equity, a 4.13% net margin and minimal leverage with a 0.01 debt-to-equity ratio.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $406.60; recent targets ranged from $331 to $370.

MYR Group (NASDAQ:MYRG - Get Free Report) released its earnings results on Wednesday. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.85, FiscalAI reports. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.16 billion. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.

MYR Group Stock Up 5.0%

MYRG stock traded up $13.28 during trading hours on Wednesday, hitting $279.92. The company's stock had a trading volume of 413,694 shares, compared to its average volume of 278,368. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $4.36 billion, a PE ratio of 26.56 and a beta of 1.32. MYR Group has a 12 month low of $199.30 and a 12 month high of $503.57. The stock has a 50 day moving average price of $291.94 and a two-hundred day moving average price of $332.56.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MYRG shares. Wall Street Zen downgraded MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Zacks Research cut MYR Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Jefferies Financial Group upgraded MYR Group from a "hold" rating to a "buy" rating and dropped their target price for the company from $377.00 to $370.00 in a report on Tuesday, October 6th. The Goldman Sachs Group reissued a "neutral" rating and issued a $331.00 price target on shares of MYR Group in a research report on Thursday, October 22nd. Finally, Robert W. Baird set a $375.00 price target on shares of MYR Group in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $406.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.