B. Riley Brokers Lift Earnings Estimates for MYR Group Inc (MYRG)
MYR Group Inc (NASDAQ:MYRG) – Investment analysts at B. Riley lifted their FY2018 earnings estimates for MYR Group in a report issued on Thursday. B. Riley analyst A. Rygiel now forecasts that the utilities provider will post earnings of $1.91 per share for the year, up from their previous estimate of $1.55. B. Riley has a “Neutral” rating and a $35.00 price target on the stock.
Other research analysts have also recently issued research reports about the stock. TheStreet upgraded shares of MYR Group from a “c+” rating to a “b-” rating in a research report on Thursday, November 16th. Robert W. Baird set a $41.00 price objective on shares of MYR Group and gave the company a “buy” rating in a research report on Wednesday, January 3rd. BidaskClub cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 15th. KeyCorp restated a “hold” rating on shares of MYR Group in a report on Friday, November 24th. Finally, Zacks Investment Research upgraded shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 8th. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $34.83.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm had revenue of $373.50 million for the quarter, compared to the consensus estimate of $350.80 million. During the same quarter last year, the firm earned $0.38 EPS. The company’s revenue was up 31.8% on a year-over-year basis.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA grew its holdings in shares of MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares during the last quarter. Sei Investments Co. bought a new position in shares of MYR Group in the second quarter worth about $170,000. Crossmark Global Holdings Inc. bought a new position in shares of MYR Group in the third quarter worth about $207,000. Municipal Employees Retirement System of Michigan grew its holdings in shares of MYR Group by 40.0% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after purchasing an additional 2,290 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of MYR Group by 11.4% in the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 87.16% of the company’s stock.
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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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