MYR Group (NASDAQ:MYRG) Trading Up 12.4% Following Better-Than-Expected Earnings

MYR Group Inc. (NASDAQ:MYRG) shares shot up 12.4% on Thursday following a stronger than expected earnings report. The stock traded as high as $129.65 and last traded at $129.63. 210,573 shares changed hands during mid-day trading, an increase of 22% from the average session volume of 172,182 shares. The stock had previously closed at $115.33.

The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the previous year, the firm posted $1.28 EPS. The company’s quarterly revenue was down 5.5% on a year-over-year basis.

Analysts Set New Price Targets

A number of research firms have commented on MYRG. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. StockNews.com cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Stifel Nicolaus lowered their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $136.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group during the 1st quarter valued at $48,000. DekaBank Deutsche Girozentrale acquired a new stake in MYR Group during the third quarter valued at $116,000. Covestor Ltd grew its stake in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares in the last quarter. RiverPark Advisors LLC increased its position in MYR Group by 21.9% in the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of MYR Group during the 1st quarter worth about $186,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Up 13.6 %

The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of 57.21 and a beta of 0.93. The company has a fifty day moving average price of $105.57 and a 200-day moving average price of $128.97. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

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.