MYR Group (MYRG) Gains As Market Dips: What You Should Know
MYR Group (MYRG) closed the most recent trading day at $25.06, moving +1.66% from the previous trading session. The stock outpaced the S&P 500's daily loss of 3.01%. Meanwhile, the Dow lost 2.59%, and the Nasdaq, a tech-heavy index, lost 3.55%.
Coming into today, shares of the electrical construction services provider had gained 20.18% in the past month. In that same time, the Utilities sector gained 19.6%, while the S&P 500 gained 22.85%.
MYRG will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.53, up 20.45% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $547.88 million, up 17.05% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.72 per share and revenue of $2.28 billion, which would represent changes of +20.35% and +10.21%, respectively, from the prior year.
It is also important to note the 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. MYRG is holding a Zacks Rank of #1 (Strong Buy) right now.
Valuation is also important, so investors should note that MYRG has a Forward P/E ratio of 9.05 right now. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 9.05.
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.
To follow MYRG in the coming trading sessions, be sure to utilize Zacks.com.
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