MYR Group, Inc. (NASDAQ:MYRG) posted its earnings results on Wednesday. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.17), reports. The business had revenue of $373.50 million during the quarter, compared to the consensus estimate of $350.80 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The firm’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.38 earnings per share.

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MYR Group announced that its Board of Directors has approved a stock buyback program on Wednesday, August 2nd that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the utilities provider to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Several analysts recently issued reports on the company. Stifel Nicolaus reissued a “hold” rating and issued a $36.00 target price on shares of MYR Group in a research note on Tuesday, August 29th. Canaccord Genuity cut their target price on MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. Zacks Investment Research cut MYR Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 5th. FBR & Co cut their target price on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research note on Friday, August 18th. Finally, KeyCorp reissued a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $31.50.

MYR Group Company Profile

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.

Earnings History for MYR Group (NASDAQ:MYRG)

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