MYR Group (NASDAQ:MYRG) Announces Earnings Results

Key Points

• MYR beat expectations: The company reported EPS of $2.99 versus $2.09 expected and revenue of $1.0B (vs. $931.95M expected), with revenue up 20% year-over-year and prior-year EPS of $1.45.
• The stock opened at $337.76 (up ~2.1%) with a market cap of $5.25B and a P/E of 44.9; analysts have raised targets and the consensus rating is "Moderate Buy," though the average price target of $242 remains below the current share price.
• Institutional ownership is high at about 88.9%, and major investors like Wellington Management increased their stakes significantly (Wellington up 63.5%), indicating strong institutional confidence.

MYR Group (NASDAQ:MYRG - Get Free Report) issued its earnings results on Wednesday. The utilities provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.09 by $0.90, FiscalAI reports. The company had revenue of $1 billion during the quarter, compared to analysts' expectations of $931.95 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.45 EPS.

MYR Group Trading Up 2.1%

NASDAQ MYRG opened at $337.76 on Thursday. The firm has a market cap of $5.25 billion, a P/E ratio of 44.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The stock's 50-day moving average is $290.61 and its 200-day moving average is $252.06. MYR Group has a one year low of $117.18 and a one year high of $349.15.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MYRG shares. Stifel Nicolaus set a $351.00 target price on MYR Group in a research note on Thursday, April 16th. Cantor Fitzgerald upped their price target on MYR Group from $285.00 to $311.00 and gave the company an "overweight" rating in a research note on Monday, March 2nd. The Goldman Sachs Group increased their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $242.00.

Institutional Trading of MYR Group

A number of large investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock valued at $223,153,000 after acquiring an additional 396,502 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in MYR Group by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 365,977 shares of the utilities provider's stock worth $79,966,000 after acquiring an additional 1,840 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in MYR Group by 3.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 305,202 shares of the utilities provider's stock worth $66,687,000 after acquiring an additional 9,651 shares in the last quarter. Invesco Ltd. boosted its position in MYR Group by 18.2% during the fourth quarter. Invesco Ltd. now owns 290,226 shares of the utilities provider's stock valued at $63,414,000 after purchasing an additional 44,791 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock valued at $22,998,000 after purchasing an additional 1,437 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.