MYR Group (MYRG) Dips More Than Broader Markets: What You Should Know
In the latest trading session, MYR Group (MYRG) closed at $122.12, marking a -1.31% move from the previous day. This change lagged the S&P 500's 0.41% loss on the day. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq lost 4.08%.
Heading into today, shares of the electrical construction services provider had gained 0.68% over the past month, lagging the Utilities sector's gain of 9.58% and the S&P 500's gain of 6.51% in that time.
Investors will be hoping for strength from MYR Group as it approaches its next earnings release. On that day, MYR Group is projected to report earnings of $1.06 per share, which would represent a year-over-year decline of 12.4%. Meanwhile, our latest consensus estimate is calling for revenue of $788.3 million, up 23.83% from the prior-year quarter.
MYRG's full-year Zacks Consensus Estimates are calling for earnings of $5.60 per share and revenue of $3.29 billion. These results would represent year-over-year changes of +14.05% and +9.49%, respectively.
Investors might also notice recent changes to analyst estimates for MYR Group. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 3.23% higher within the past month. MYR Group is currently sporting a Zacks Rank of #1 (Strong Buy).
In terms of valuation, MYR Group is currently trading at a Forward P/E ratio of 22.1. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 22.1.
The Electric Construction industry is part of the Utilities sector. This industry currently has a Zacks Industry Rank of 1, which puts it in the top 1% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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MYR Group, Inc. (MYRG) : Free Stock Analysis Report
