MYR Group (MYRG) Gains But Lags Market: What You Should Know
MYR Group (MYRG) closed at $134.79 in the latest trading session, marking a +0.82% move from the prior day. This change lagged the S&P 500's 1.22% gain on the day. At the same time, the Dow added 1.26%, and the tech-heavy Nasdaq gained 4.63%.
Coming into today, shares of the electrical construction services provider had gained 1.69% in the past month. In that same time, the Utilities sector lost 3.42%, while the S&P 500 gained 6.22%.
MYR Group will be looking to display strength as it nears its next earnings release. On that day, MYR Group is projected to report earnings of $1.28 per share, which would represent year-over-year growth of 11.3%. Meanwhile, our latest consensus estimate is calling for revenue of $813.5 million, up 14.88% from the prior-year quarter.
MYRG's full-year Zacks Consensus Estimates are calling for earnings of $5.81 per share and revenue of $3.29 billion. These results would represent year-over-year changes of +18.33% and +9.51%, respectively.
It is also important to note the recent changes to analyst estimates for MYR Group. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. MYR Group currently has a Zacks Rank of #2 (Buy).
Digging into valuation, MYR Group currently has a Forward P/E ratio of 23.01. For comparison, its industry has an average Forward P/E of 23.01, 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 7, putting it in the top 3% 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.
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
