MYR Group (NASDAQ:MYRG) Shares Climb 7.3% - Here's Why

Key Points

• MYR Group shares rose 7.3% to about $324.64, despite trading volume running 89% below the average daily level.
• The company reported strong quarterly results, with EPS of $3.17 beating estimates by $0.55 and revenue increasing 20.1% year over year to $1.08 billion.
• Analysts maintain a consensus “Moderate Buy” rating with a $446.80 price target, while institutional investors own 88.9% of the company’s stock.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) rose 7.3% during trading on Tuesday. The stock traded as high as $323.23 and last traded at $324.6410. Approximately 31,679 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 278,166 shares. The stock had previously closed at $302.65.

Wall Street Analysts Forecast Growth

MYRG has been the subject of a number of recent analyst reports. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research report on Thursday, July 30th. Oppenheimer reaffirmed a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. Wall Street Zen cut shares of MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 29th. The Goldman Sachs Group decreased their price objective on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a research report on Thursday, August 13th. Finally, Weiss Ratings downgraded shares of MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $446.80.

MYR Group Stock Performance

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 firm has a market capitalization of $5.06 billion, a P/E ratio of 30.91 and a beta of 1.32. The company's 50 day moving average is $305.51 and its 200-day moving average is $363.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the firm posted $1.70 earnings per share. The business's revenue was up 20.1% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $1,232,294,000. Dimensional Fund Advisors LP boosted its position in MYR Group by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider's stock worth $106,187,000 after purchasing an additional 10,198 shares during the period. Geode Capital Management LLC increased its stake in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after purchasing an additional 13,511 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of MYR Group in the second quarter worth about $61,365,000. Finally, First Trust Advisors LP lifted its stake in shares of MYR Group by 23.5% during the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock valued at $57,518,000 after buying an additional 38,726 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.

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