Is MYR Group (MYRG) Stock Outpacing Its Utilities Peers This Year?
Is (MYRG) Outperforming Other Utilities Stocks This Year?
Investors focused on the Utilities space have likely heard of MYR Group (MYRG), but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.
MYR Group is one of 110 companies in the Utilities group. The Utilities group currently sits at #15 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. MYRG is currently sporting a Zacks Rank of #1 (Strong Buy).
Over the past three months, the Zacks Consensus Estimate for MYRG's full-year earnings has moved 14.75% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
Based on the latest available data, MYRG has gained about 73.56% so far this year. Meanwhile, the Utilities sector has returned an average of 6.37% on a year-to-date basis. This means that MYR Group is outperforming the sector as a whole this year.
To break things down more, MYRG belongs to the Electric Construction industry, a group that includes 1 individual companies and currently sits at #12 in the Zacks Industry Rank. Stocks in this group have gained about 73.56% so far this year, so MYRG is performing on par this group in terms of year-to-date returns.
Investors in the Utilities sector will want to keep a close eye on MYRG as it attempts to continue its solid performance.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.See 3 crypto-related stocks now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
MYR Group, Inc. (MYRG): Free Stock Analysis Report
To read this article on Zacks.com click here.