In the latest trading session, MYR Group (MYRG) closed at $29.47, marking a -0.57% move from the previous day. This change was narrower than the S&P 500's daily loss of 2.42%. Elsewhere, the Dow lost 2.84%, while the tech-heavy Nasdaq lost 2.59%.
Prior to today's trading, shares of the electrical construction services provider had gained 4.77% over the past month. This has outpaced the Utilities sector's gain of 1.7% and the S&P 500's gain of 4.5% in that time.
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 $0.45 per share, which would represent year-over-year growth of 4.65%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $498.78 million, up 11.14% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.42 per share and revenue of $2.14 billion, which would represent changes of +7.08% and +3.37%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for MYRG. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
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.
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. Within the past 30 days, our consensus EPS projection has moved 4.72% lower. MYRG is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, MYRG is currently trading at a Forward P/E ratio of 12.23. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 12.23.
The Electric Construction industry is part of the Utilities sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 41% 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.
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