MYR Group (NASDAQ:MYRG) Shares Gap Up After Earnings Beat

Key Points

• MYR shares gapped up premarket after the report, opening at $363.68 versus a prior close of $337.76 and last trading around $370.63 on roughly 57,900 shares.
• The company delivered a strong earnings beat — EPS $2.99 vs. $2.09 expected and revenue $1.0B vs. $931.95M, with revenue up 20% year-over-year and return on equity of 19.66%.
• Analyst coverage is broadly positive with a MarketBeat consensus of Moderate Buy and an average price target of $271, though recent individual targets run as high as $373, and institutions own about 88.9% of the stock.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $337.76, but opened at $363.68. MYR Group shares last traded at $370.6290, with a volume of 57,881 shares changing hands.

The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $1.45 earnings per share.

Analyst Ratings Changes

A number of analysts have issued reports on MYRG shares. Stifel Nicolaus set a $351.00 price target on shares of MYR Group in a research note on Thursday, April 16th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research note on Thursday. Cantor Fitzgerald boosted their price target on shares of MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $271.00.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its position in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group during the fourth quarter worth about $35,000. Signaturefd LLC grew its position in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after buying an additional 65 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of MYR Group during the third quarter worth about $34,000. Finally, Hantz Financial Services Inc. boosted its holdings in MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after purchasing an additional 160 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

The stock has a fifty day moving average of $290.61 and a 200-day moving average of $252.06. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $5.98 billion, a price-to-earnings ratio of 50.20 and a beta of 1.07.

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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