Analysts Expect MYR Group Inc. (NASDAQ:MYRG) Will Post Quarterly Sales of $660.75 Million

Wall Street brokerages expect MYR Group Inc. (NASDAQ:MYRGGet Rating) to post sales of $660.75 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for MYR Group’s earnings, with estimates ranging from $654.30 million to $667.20 million. MYR Group reported sales of $649.57 million in the same quarter last year, which indicates a positive year over year growth rate of 1.7%. The company is expected to issue its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that MYR Group will report full year sales of $2.78 billion for the current year, with estimates ranging from $2.72 billion to $2.84 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.95 billion, with estimates ranging from $2.83 billion to $3.06 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover MYR Group.

MYR Group (NASDAQ:MYRGGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.18. MYR Group had a return on equity of 16.96% and a net margin of 3.37%. The company had revenue of $636.62 million for the quarter, compared to analysts’ expectations of $605.10 million. During the same period in the previous year, the firm posted $1.17 EPS.

A number of research analysts have weighed in on the stock. Stifel Nicolaus decreased their target price on shares of MYR Group from $126.00 to $101.00 in a research note on Wednesday, April 27th. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research note on Saturday, April 30th. Finally, StockNews.com lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 6th.

MYRG stock opened at $85.21 on Thursday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.09. MYR Group has a 12-month low of $74.77 and a 12-month high of $121.22. The stock has a market cap of $1.45 billion, a price-to-earnings ratio of 17.11 and a beta of 1.16. The business’s 50-day moving average is $90.44 and its 200 day moving average is $98.13.

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its position in MYR Group by 35.8% in the third quarter. Barclays PLC now owns 17,737 shares of the utilities provider’s stock valued at $1,764,000 after purchasing an additional 4,673 shares during the period. Aviva PLC grew its stake in shares of MYR Group by 47.3% in the fourth quarter. Aviva PLC now owns 22,896 shares of the utilities provider’s stock worth $2,531,000 after acquiring an additional 7,350 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of MYR Group in the third quarter worth $121,000. UBS Asset Management Americas Inc. grew its stake in shares of MYR Group by 8.2% in the third quarter. UBS Asset Management Americas Inc. now owns 25,056 shares of the utilities provider’s stock worth $2,493,000 after acquiring an additional 1,901 shares in the last quarter. Finally, Meritage Portfolio Management grew its stake in shares of MYR Group by 5.1% in the fourth quarter. Meritage Portfolio Management now owns 3,452 shares of the utilities provider’s stock worth $382,000 after acquiring an additional 169 shares in the last quarter. 86.17% of the stock is currently owned by hedge funds and other institutional investors.

About MYR Group (Get Rating)

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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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