FY2018 EPS Estimates for MYR Group Inc (MYRG) Boosted by B. Riley

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

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

A number of other equities analysts also recently commented on the stock. TheStreet raised shares of MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. BidaskClub cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 15th. Robert W. Baird lifted their price target on shares of MYR Group from $34.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, November 3rd. Zacks Investment Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price target for the company in a research report on Wednesday, January 3rd. 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 given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $34.83.

Shares of MYR Group (MYRG) traded up $0.50 during mid-day trading on Monday, reaching $35.06. 131,163 shares of the company’s stock were exchanged, compared to its average volume of 100,682. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. MYR Group has a one year low of $23.00 and a one year high of $43.77. The stock has a market capitalization of $588.85, a P/E ratio of 37.70 and a beta of 0.48.

Several hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System grew its holdings in shares of MYR Group by 2.4% in the second quarter. Arizona State Retirement System now owns 8,559 shares of the utilities provider’s stock valued at $266,000 after purchasing an additional 200 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 217 shares during the last quarter. Royal Bank of Canada lifted its stake in MYR Group by 11.4% in the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after acquiring an additional 852 shares during the last quarter. Voya Investment Management LLC lifted its stake in MYR Group by 11.0% in the second quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock worth $295,000 after acquiring an additional 941 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in MYR Group by 0.9% in the second quarter. TIAA CREF Investment Management LLC now owns 174,415 shares of the utilities provider’s stock worth $5,410,000 after acquiring an additional 1,537 shares during 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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