MYR Group, Inc. (MYRG) Scheduled to Post Earnings on Tuesday
MYR Group, Inc. (NASDAQ:MYRG) is scheduled to be posting its quarterly earnings results after the market closes on Tuesday, October 31st. Analysts expect MYR Group to post earnings of $0.48 per share for the quarter.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.27). MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The firm had revenue of $356.20 million for the quarter, compared to analysts’ expectations of $310.57 million. During the same period last year, the firm earned $0.31 EPS. The business’s quarterly revenue was up 36.0% on a year-over-year basis. On average, analysts expect MYR Group to post $0.83 EPS for the current fiscal year and $1.55 EPS for the next fiscal year.
Shares of MYR Group, Inc. (NASDAQ MYRG) opened at 30.45 on Tuesday. The company’s 50-day moving average is $28.44 and its 200 day moving average is $30.61. The stock has a market cap of $502.15 million, a P/E ratio of 30.24 and a beta of 0.37. MYR Group, Inc. has a 1-year low of $23.00 and a 1-year high of $43.77.
MYR Group announced that its board has initiated a stock buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in shares. This buyback authorization permits the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
In other MYR Group news, VP Gerald B. Jr. Engen sold 10,000 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the sale, the vice president now directly owns 48,295 shares of the company’s stock, valued at approximately $1,545,440. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.00% of the stock is owned by corporate insiders.
Several research firms recently issued reports on MYRG. Zacks Investment Research raised shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Canaccord Genuity decreased their price objective on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 4th. Stifel Nicolaus reaffirmed a “hold” rating and set a $29.00 price objective (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. Robert W. Baird reaffirmed a “buy” rating and set a $34.00 price objective on shares of MYR Group in a report on Tuesday, September 5th. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $31.50.
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About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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