FY2018 EPS Estimates for MYR Group Inc (MYRG) Raised by Analyst

MYR Group Inc (NASDAQ:MYRG) – Research analysts at B. Riley lifted their FY2018 earnings estimates for MYR Group in a research report issued on Thursday. B. Riley analyst A. Rygiel now forecasts that the utilities provider will post earnings of $1.91 per share for the year, up from their prior forecast of $1.55. B. Riley currently has a “Neutral” rating and a $35.00 target price on the stock.

MYRG has been the topic of a number of other research reports. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a research note on Wednesday, January 3rd. TheStreet upgraded MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Robert W. Baird set a $41.00 price target on MYR Group and gave the company a “buy” rating in a research note on Wednesday, January 3rd. BidaskClub cut MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 15th. Finally, KeyCorp reiterated a “hold” rating on shares of MYR Group in a research report on Friday, November 24th. Five research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $34.83.

MYR Group (NASDAQ:MYRG) traded down $0.58 on Monday, reaching $33.93. The company had a trading volume of 73,252 shares, compared to its average volume of 109,200. MYR Group has a twelve month low of $23.00 and a twelve month high of $43.77. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.30. The company has a market cap of $568.10, a PE ratio of 36.10 and a beta of 0.47.

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

A number of hedge funds have recently bought and sold shares of the business. Arizona State Retirement System increased its position in MYR Group by 2.4% during the 2nd quarter. Arizona State Retirement System now owns 8,559 shares of the utilities provider’s stock worth $266,000 after buying an additional 200 shares during the period. BNP Paribas Arbitrage SA increased its position in MYR Group by 4.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after buying an additional 217 shares during the period. Royal Bank of Canada increased its position in MYR Group by 11.4% during the 2nd quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after buying an additional 852 shares during the period. Voya Investment Management LLC increased its position in MYR Group by 11.0% during the 2nd quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock worth $295,000 after buying an additional 941 shares during the period. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of MYR Group by 0.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,415 shares of the utilities provider’s stock worth $5,410,000 after purchasing an additional 1,537 shares in the last quarter. Hedge funds and other institutional investors own 87.16% of the company’s stock.

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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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