MYR Group (NASDAQ:MYRG) Posts Earnings Results, Misses Expectations By $1.98 EPS

MYR Group (NASDAQ:MYRG) released its earnings results on Wednesday. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98), Briefing.com reports. The company had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.61%. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 EPS.

MYR Group Stock Down 5.7 %

NASDAQ:MYRG traded down $6.25 on Friday, hitting $102.75. 108,804 shares of the company’s stock were exchanged, compared to its average volume of 151,929. The firm has a 50-day moving average price of $142.94 and a 200-day moving average price of $153.28. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group has a 52 week low of $101.84 and a 52 week high of $181.02. The company has a market cap of $1.72 billion, a P/E ratio of 21.12 and a beta of 0.99.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MYRG shares. Stifel Nicolaus reduced their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Robert W. Baird dropped their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $164.00.

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.