MYR Group (NASDAQ:MYRG) Shares Gap Up After Strong Earnings

MYR Group Inc. (NASDAQ:MYRG)’s share price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $122.32, but opened at $139.70. MYR Group shares last traded at $139.82, with a volume of 59,314 shares changing hands.

The utilities provider reported $1.45 EPS for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. During the same quarter in the prior year, the firm earned $1.12 EPS. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of analyst reports. The Goldman Sachs Group lowered their price target on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, April 24th. Piper Sandler started coverage on shares of MYR Group in a research note on Tuesday, April 8th. They issued a “neutral” rating and a $124.00 target price on the stock. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a research report on Friday, March 14th. Robert W. Baird upped their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $141.20.

Institutional Trading of MYR Group

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its stake in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after purchasing an additional 23,760 shares during the period. Principal Financial Group Inc. increased its holdings in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. GAMMA Investing LLC grew its position in shares of MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 118 shares during the period. Bank of New York Mellon Corp lifted its stake in MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock valued at $35,517,000 after buying an additional 26,205 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in MYR Group by 51.1% in the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock worth $506,000 after buying an additional 1,150 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Up 20.3 %

The company has a 50 day simple moving average of $117.63 and a 200 day simple moving average of $135.16. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The company has a market capitalization of $2.37 billion, a PE ratio of 64.24 and a beta of 1.07.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.