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MYRG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is MYR Group, Inc. (MYRG) stock moving?
MYR reported record Q3 2026 results on Oct 28 with revenue of $1.26B (vs. $1.16B expected), EPS of $3.82 (vs. $2.89 expected) and net income of $60.0M, and announced a new $100M buyback effective Nov 4. The shares rose from $266.64 to $283.00 over the next day. KeyBanc upgraded the stock to Overweight with a $361 target on Nov 5, yet the shares fell to a low of $241.28 that day on about 634K shares, roughly double the recent average volume, and closed at $246.59. The news items do not explain that selloff. The stock then recovered to $279.26 on Nov 9 and closed at $272.81 on Nov 10, still below the Nov 3 close of $291.59. The fundamental story (beat, buyback, upgrade) is strong and recent, but the sharp two-day drop on heavy volume without a stated cause means the near-term direction is uncertain.
News behind the analysis
- Keybanc Upgrades MYR Group to Overweight, Announces $361 Price TargetKeyBanc upgraded MYR Group from Sector Weight to Overweight and set a $361 price target, about 32% above the Nov 10 close of $272.81.
- KeyBanc Upgrades MYR Group to OverweightThe same KeyBanc upgrade from Sector Weight to Overweight, with the $361 price target, reported by MarketScreener.
- MYR Group Inc. Files Form 8-KMYR filed a Form 8-K on Nov 4 furnishing updated investor presentation materials under Regulation FD (Exhibit 99.1).
- MYR Group Inc. to Attend UBS Global Industrials and Transportation ConferenceMYR's executive leadership team will take part in the upcoming UBS Global Industrials and Transportation investor conference in December.
- MYR Group Q3 2026 Earnings Call TranscriptTranscript of the Q3 2026 earnings call, held after the third-quarter results were reported on Oct 28.
- MYR Group Inc. Reports Third-Quarter and First Nine-Months 2026 Financial ResultsMYR reported record Q3 2026 results, with $1.26 billion in revenue and $60.0 million in net income, and approved a new $100 million share repurchase program.
- MYR Group Announces $100M Buyback PlanThe Board approved a share repurchase of up to $100.0 million of common stock at management's discretion, effective Nov 4.
- MYR Group Q3 EPS $3.82 Beats $2.89 Estimate, Sales $1.260B Beat $1.160B EstimateQ3 earnings per share of $3.82 beat the $2.89 consensus, and sales of $1.260B beat the $1.160B estimate.
About MYR Group, Inc.
MYR Group is a holding company based in Thornton, Colorado, whose specialty contractors do electrical construction for utilities and commercial and industrial customers in the US and Canada. It's one of the bigger pure-play electrical contractors. It builds power transmission and distribution lines and substations, and does electrical work on large buildings and facilities such as data centers.
How it makes money
It is paid for construction contracts in two segments. Transmission & Distribution (T&D) builds and maintains power lines, substations and other grid work for electric utilities. Commercial & Industrial (C&I) installs electrical systems in buildings, transportation projects and industrial sites. The two segments have historically been roughly equal in size. Revenue for the 12 months to mid-2026 was about $4 billion, and third-quarter 2026 revenue was a record of about $1.26 billion. Contracts are a mix of fixed-price, unit-price and time-and-materials work, so profit margins are thin (gross margin was around 12–14% recently) and depend on how well projects are carried out. Backlog of work already booked hit a record of about $3.7 billion in Q3 2026. The company also grows through acquisitions, such as its 2026 purchase of Valley Electric.
What usually moves MYRG
- Utility spending on the power grid and transmission lines
- Electricity demand from data centers and AI
- Commercial construction activity and interest rates
- Project execution, margins and backlog growth
- Labor availability and cash-flow timing on contracts