MYR Group, Inc. (MYRG) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS
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), Briefing.com 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.
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