MYR Group (NASDAQ:MYRG) Hits New 52-Week High Following Strong Earnings

Key Points

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MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s share price hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $220.02 and last traded at $209.00, with a volume of 64061 shares traded. The stock had previously closed at $200.37.

The utilities provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same quarter last year, the company posted ($0.91) earnings per share. The company's revenue for the quarter was up 8.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler upped their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus lifted their price objective on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and increased their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, KeyCorp upped their price target on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Friday. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $181.20.

Hedge Funds Weigh In On MYR Group

Several large investors have recently added to or reduced their stakes in MYRG. Maseco LLP acquired a new position in shares of MYR Group in the second quarter valued at $28,000. UMB Bank n.a. raised its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock valued at $35,000 after buying an additional 141 shares in the last quarter. Quarry LP lifted its holdings in shares of MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 165 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 210 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Price Performance

The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 39.40 and a beta of 1.17. The company's 50-day moving average is $178.30 and its 200-day moving average is $147.95. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group Company Profile

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.