MYR Group (MYRG) Stock Sinks As Market Gains: What You Should Know
MYR Group (MYRG) closed the most recent trading day at $135.22, moving -0.97% from the previous trading session. This change lagged the S&P 500's 0.37% gain on the day. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 1.26%.
Prior to today's trading, shares of the electrical construction services provider had gained 5.88% over the past month. This has outpaced the Utilities sector's gain of 1.38% and the S&P 500's gain of 4.31% in that time.
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%. Our most recent consensus estimate is calling for quarterly revenue of $813.5 million, up 14.88% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $5.81 per share and revenue of $3.29 billion. These totals would mark changes of +18.33% and +9.51%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for MYR Group. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.
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).
Looking at its valuation, MYR Group is holding a Forward P/E ratio of 23.5. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 23.5.
The Electric Construction industry is part of the Utilities sector. This industry currently has a Zacks Industry Rank of 7, which puts it in the top 3% 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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MYR Group, Inc. (MYRG) : Free Stock Analysis Report
