MYR Group (NASDAQ:MYRG) Issues Earnings Results

MYR Group (NASDAQ:MYRG) released its earnings results on Wednesday. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55, FiscalAI reports. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 25.03%. The company’s revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.70 EPS.

MYR Group Stock Performance

MYRG stock traded up $10.41 during midday trading on Friday, reaching $341.25. 196,393 shares of the company’s stock traded hands, compared to its average volume of 282,333. The firm has a market capitalization of $5.31 billion, a PE ratio of 32.34 and a beta of 1.31. The company has a 50-day moving average price of $432.97 and a two-hundred day moving average price of $349.38. MYR Group has a 52 week low of $171.51 and a 52 week high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MYRG. Cantor Fitzgerald increased their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $375.00 price target on MYR Group in a research note on Thursday. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $390.17.

Insiders Place Their Bets

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $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 accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can boosted its stake in shares of MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after acquiring an additional 50 shares during the period. Captrust Financial Advisors lifted its holdings in shares of MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after buying an additional 61 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after buying an additional 62 shares in the last quarter. Great Lakes Advisors LLC boosted its position in shares of MYR Group by 0.6% during the fourth quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock worth $2,530,000 after acquiring an additional 66 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of MYR Group by 0.8% during the 3rd quarter. Alliancebernstein L.P. now owns 16,963 shares of the utilities provider’s stock valued at $3,529,000 after purchasing an additional 127 shares during the last quarter. 88.90% of the stock is currently 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.