Zacks: Brokerages Expect MYR Group Inc (MYRG) Will Post Earnings of $0.33 Per Share

Wall Street analysts forecast that MYR Group Inc (NASDAQ:MYRG) will announce earnings of $0.33 per share for the current quarter, according to Zacks. Four analysts have issued estimates for MYR Group’s earnings. The highest EPS estimate is $0.34 and the lowest is $0.31. MYR Group reported earnings of $0.48 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 31.3%. The firm is scheduled to report its next quarterly earnings results on Thursday, March 8th.

On average, analysts expect that MYR Group will report full year earnings of $0.79 per share for the current year, with EPS estimates ranging from $0.77 to $0.80. For the next financial year, analysts expect that the business will post earnings of $1.70 per share, with EPS estimates ranging from $1.36 to $1.91. Zacks Investment Research’s EPS calculations are a mean average based on a survey of research firms that follow MYR Group.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.17). MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The company had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. During the same period in the prior year, the business posted $0.38 earnings per share. MYR Group’s revenue was up 31.8% on a year-over-year basis.

Several research firms recently issued reports on MYRG. BidaskClub cut shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 target price on the stock in a research report on Wednesday, January 3rd. Robert W. Baird set a $41.00 price target on shares of MYR Group and gave the company a “buy” rating in a research report on Wednesday, January 3rd. B. Riley reaffirmed a “neutral” rating on shares of MYR Group in a research report on Wednesday, November 1st. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a research report on Friday, November 24th. Five investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $34.83.

MYR Group (NASDAQ MYRG) traded down $0.10 on Friday, hitting $34.23. 57,617 shares of the company traded hands, compared to its average volume of 87,224. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. MYR Group has a twelve month low of $23.00 and a twelve month high of $43.77. The firm has a market capitalization of $568.10, a PE ratio of 36.91 and a beta of 0.48.

Hedge funds have recently made changes to their positions in the business. KBC Group NV lifted its position in MYR Group by 21.4% during the third quarter. KBC Group NV now owns 38,940 shares of the utilities provider’s stock valued at $1,135,000 after buying an additional 6,874 shares in the last quarter. Macquarie Group Ltd. lifted its position in MYR Group by 14.2% during the third quarter. Macquarie Group Ltd. now owns 864,492 shares of the utilities provider’s stock valued at $25,191,000 after buying an additional 107,417 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in MYR Group by 335.4% during the third quarter. Oppenheimer & Co. Inc. now owns 28,300 shares of the utilities provider’s stock valued at $825,000 after buying an additional 21,800 shares in the last quarter. Western Standard LLC acquired a new position in MYR Group during the third quarter valued at approximately $393,000. Finally, Ameriprise Financial Inc. lifted its position in MYR Group by 6.6% during the second quarter. Ameriprise Financial Inc. now owns 160,529 shares of the utilities provider’s stock valued at $4,980,000 after buying an additional 9,926 shares in the last quarter. 87.42% of the stock is currently owned by hedge funds and other institutional investors.

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MYR Group Company Profile

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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