MYR Group (NASDAQ:MYRG) Shares Gap Up on Earnings Beat

MYR Group Inc. (NASDAQ:MYRG) gapped up before the market opened on Thursday following a better than expected earnings announcement. 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 trading hands.

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

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research analyst reports. Piper Sandler began coverage on MYR Group in a report on Tuesday, April 8th. They set a “neutral” rating and a $124.00 price target on the stock. Stifel Nicolaus cut their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. The Goldman Sachs Group reduced 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. KeyCorp increased their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $146.60.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after acquiring an additional 159,302 shares during the last quarter. Millennium Management LLC raised its stake in shares of MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of MYR Group during the fourth quarter valued at approximately $60,217,000. Finally, American Century Companies Inc. raised its position in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after buying an additional 91,644 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Up 5.1 %

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 firm has a market capitalization of $2.49 billion, a P/E ratio of 67.50 and a beta of 1.07. The firm has a 50 day simple moving average of $118.30 and a two-hundred day simple moving average of $135.40.

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.