MYR Group (MYRG) Gains As Market Dips: What You Should Know
In the latest trading session, MYR Group (MYRG) closed at $109.79, marking a +0.93% move from the previous day.
MYR Group (MYRG) closed the most recent trading day at $109.79, moving +0.93% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.03%.
Coming into today, shares of the electrical construction services provider had gained 11.03% in the past month. In that same time, the Utilities sector gained 4.49%, while the S&P 500 gained 3.59%.
Wall Street will be looking for positivity from MYRG as it approaches its next earnings report date. On that day, MYRG is projected to report earnings of $1.05 per share, which would represent year-over-year growth of 2.94%. Our most recent consensus estimate is calling for quarterly revenue of $611.65 million, up 0.62% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.46 per share and revenue of $2.37 billion, which would represent changes of +28.16% and +5.48%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for MYRG. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. MYRG is holding a Zacks Rank of #1 (Strong Buy) right now.
Investors should also note MYRG's current valuation metrics, including its Forward P/E ratio of 24.39. For comparison, its industry has an average Forward P/E of 24.39, which means MYRG is trading at a no noticeable deviation to the group.
The Electric Construction industry is part of the Utilities sector. This group has a Zacks Industry Rank of 11, putting it in the top 5% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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