MYR Group (MYRG) Dips More Than Broader Markets: What You Should Know
MYR Group (MYRG) closed the most recent trading day at $134.65, moving -0.99% from the previous trading session. This move lagged the S&P 500's daily loss of 0.04%. At the same time, the Dow lost 0.22%, and the tech-heavy Nasdaq gained 2.93%.
Coming into today, shares of the electrical construction services provider had gained 4.33% in the past month. In that same time, the Utilities sector gained 2.28%, while the S&P 500 gained 4.22%.
Wall Street will be looking for positivity from MYR Group as it approaches its next earnings report date. The company is expected to report EPS of $1.28, up 11.3% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $813.5 million, up 14.88% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.81 per share and revenue of $3.29 billion, which would represent changes of +18.33% and +9.51%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for MYR Group. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. MYR Group is currently sporting a Zacks Rank of #2 (Buy).
Digging into valuation, MYR Group currently has a Forward P/E ratio of 23.41. For comparison, its industry has an average Forward P/E of 23.41, which means MYR Group 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 8, putting it in the top 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow MYRG in the coming trading sessions, be sure to utilize Zacks.com.
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MYR Group, Inc. (MYRG) : Free Stock Analysis Report
