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Reasons to Add MYR Group (MYRG) to Your Portfolio Now
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MYR Group Inc. (MYRG - Free Report) continues to implement targeted strategies to capture new market opportunities in the evolving clean energy landscape. The company is also continuing with its organic and acquisitive expansion.
Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment.
Growth Projections & Surprise History
The Zacks Consensus Estimate for 2023 earnings per share (EPS) has moved up 0.9% in the past 60 days to $5.86.
The consensus estimate for 2023 sales is pinned at $3.37 billion, indicating a year-over-year improvement of 12%.
The company delivered an average earnings surprise of 16.2% in the last four quarters.
Return on Equity
Return on equity (ROE) indicates how efficiently a company has been utilizing the funds to generate higher returns. Currently, MYRG’s ROE is 15.53%, higher than the sector’s average of 6.41%. This indicates that MYR Group has been utilizing the funds more constructively than its peers in the sector.
Repurchase Program
MYR Group continues to increase shareholders’ value through systematic share repurchases. As of Jun 30, 2023, the company repurchased 76,150 shares of stock from its employees, for approximately $7.9 million. On May 2, 2023, management approved a new share purchase program of $75 million, which will expire on Nov 8, 2023. MYRG will fund the repurchase with cash on hand and borrowings under its credit facility.
Debt Position & Liquidity
The company’s current total debt to capital ratio is 6.95 compared with the sector’s average of 56.83. This indicates that MYRG is managing its business far more efficiently than other operators in the sector.
MYR Group’s current ratio at the end of second-quarter 2023 was 1.37. This indicates that the company has enough financial flexibility to meet its short-term debt obligations.
Price Performance
Over the last three months, the MYRG stock has returned 4.3% against the sector’s average decline of 7.2%.
The Zacks Consensus Estimate for VST’s 2023 EPS indicates an increase of 205.8% from the previous year’s reported number. The same for sales indicates year-over-year growth of 46.2%.
FE’s long-term (three to five years) earnings growth rate is 6.45%. The Zacks Consensus Estimate for FE’s 2023 EPS indicates an increase of 5% from the previous year’s reported actual.
CWCO’s long-term earnings growth rate is 8%. It delivered an average earnings surprise of 23.8% in the previous four quarters.
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Reasons to Add MYR Group (MYRG) to Your Portfolio Now
MYR Group Inc. (MYRG - Free Report) continues to implement targeted strategies to capture new market opportunities in the evolving clean energy landscape. The company is also continuing with its organic and acquisitive expansion.
Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment.
Growth Projections & Surprise History
The Zacks Consensus Estimate for 2023 earnings per share (EPS) has moved up 0.9% in the past 60 days to $5.86.
The consensus estimate for 2023 sales is pinned at $3.37 billion, indicating a year-over-year improvement of 12%.
The company delivered an average earnings surprise of 16.2% in the last four quarters.
Return on Equity
Return on equity (ROE) indicates how efficiently a company has been utilizing the funds to generate higher returns. Currently, MYRG’s ROE is 15.53%, higher than the sector’s average of 6.41%. This indicates that MYR Group has been utilizing the funds more constructively than its peers in the sector.
Repurchase Program
MYR Group continues to increase shareholders’ value through systematic share repurchases. As of Jun 30, 2023, the company repurchased 76,150 shares of stock from its employees, for approximately $7.9 million. On May 2, 2023, management approved a new share purchase program of $75 million, which will expire on Nov 8, 2023. MYRG will fund the repurchase with cash on hand and borrowings under its credit facility.
Debt Position & Liquidity
The company’s current total debt to capital ratio is 6.95 compared with the sector’s average of 56.83. This indicates that MYRG is managing its business far more efficiently than other operators in the sector.
MYR Group’s current ratio at the end of second-quarter 2023 was 1.37. This indicates that the company has enough financial flexibility to meet its short-term debt obligations.
Price Performance
Over the last three months, the MYRG stock has returned 4.3% against the sector’s average decline of 7.2%.
Image Source: Zacks Investment Research
Other Stocks to Consider
A few other top-ranked stocks in the Zacks utility sector are Vistra Corp. (VST - Free Report) , sporting Zacks Rank #1 (Strong Buy), and FirstEnergy Corporation (FE - Free Report) and Consolidated Water Co. Ltd. (CWCO - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for VST’s 2023 EPS indicates an increase of 205.8% from the previous year’s reported number. The same for sales indicates year-over-year growth of 46.2%.
FE’s long-term (three to five years) earnings growth rate is 6.45%. The Zacks Consensus Estimate for FE’s 2023 EPS indicates an increase of 5% from the previous year’s reported actual.
CWCO’s long-term earnings growth rate is 8%. It delivered an average earnings surprise of 23.8% in the previous four quarters.