MYR Group (NASDAQ:MYRG) Hits New 12-Month High After Earnings Beat

MYR Group, Inc. (NASDAQ:MYRG)’s share price reached a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $290.87 and last traded at $271.9580, with a volume of 41412 shares. The stock had previously closed at $274.01.

The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. The company had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 20.31% and a net margin of 3.24%.The firm’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.99 earnings per share.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. The Goldman Sachs Group boosted their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.71.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in MYR Group by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after acquiring an additional 40,164 shares during the period. Wellington Management Group LLP increased its holdings in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after purchasing an additional 396,502 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after purchasing an additional 21,304 shares during the period. Geode Capital Management LLC lifted its stake in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after purchasing an additional 13,511 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock worth $84,998,000 after buying an additional 8,695 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Trading Down 0.9%

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $249.00 and its 200 day moving average is $220.15. The stock has a market cap of $4.20 billion, a PE ratio of 35.85 and a beta of 1.17.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.