MYR Group (NASDAQ:MYRG) Issues Earnings Results, Beats Expectations By $0.55 EPS

Key Points

• MYR Group beat quarterly expectations: The utilities provider reported EPS of $3.17, topping the $2.62 consensus by $0.55, while revenue of $1.08 billion exceeded estimates of $995.74 million.
• Shares fell 5.5% to $322.06 despite the earnings beat, with the stock trading well below its 50-day moving average of $437.60.
• Two directors sold a combined 18,175 shares, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $389.83.

MYR Group (NASDAQ:MYRG - Get Free Report) posted its earnings results on Wednesday. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55, FiscalAI reports. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.

MYR Group Stock Down 5.5%

Shares of MYRG stock traded down $18.66 on Wednesday, hitting $322.06. 499,405 shares of the stock were exchanged, compared to its average volume of 280,280. MYR Group has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average of $437.60 and a 200 day moving average of $347.91. The firm has a market capitalization of $5.01 billion, a P/E ratio of 35.51 and a beta of 1.31.

Insiders Place Their Bets

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the business's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently modified their holdings of the company. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group in the fourth quarter valued at $35,000. Kestra Advisory Services LLC acquired a new position in MYR Group in the 4th quarter valued at about $66,000. Johnson Financial Group Inc. acquired a new position in MYR Group in the 3rd quarter valued at about $74,000. Kemnay Advisory Services Inc. acquired a new position in shares of MYR Group in the fourth quarter valued at approximately $93,000. Finally, Raymond James Financial Inc. bought a new position in shares of MYR Group during the second quarter worth approximately $144,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on MYRG. Zacks Research downgraded shares of MYR Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Finally, Robert W. Baird set a $373.00 price target on MYR Group in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $389.83.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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