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Should You Buy MYR Group (MYRG) Ahead of Earnings?
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Investors are always looking for stocks that are poised to beat at earnings season and MYR Group (MYRG - Free Report) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.
That is because MYR Group is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings—with the most up-to-date information possible—is a pretty good indicator of some favorable trends underneath the surface for MYRG in this report.
In fact, the Most Accurate Estimate for the current quarter is currently at 40 cents per share for MYRG, compared to a broader Zacks Consensus Estimate of 38 cents per share. This suggests that analysts have very recently bumped up their estimates for MYRG, giving the stock a Zacks Earnings ESP of 5.26% heading into earnings season.
A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10 year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).
Clearly, recent earnings estimate revisions suggest that good things are ahead for MYR Group, and that a beat might be in the cards for the upcoming report.
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Should You Buy MYR Group (MYRG) Ahead of Earnings?
Investors are always looking for stocks that are poised to beat at earnings season and MYR Group (MYRG - Free Report) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.
That is because MYR Group is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings—with the most up-to-date information possible—is a pretty good indicator of some favorable trends underneath the surface for MYRG in this report.
In fact, the Most Accurate Estimate for the current quarter is currently at 40 cents per share for MYRG, compared to a broader Zacks Consensus Estimate of 38 cents per share. This suggests that analysts have very recently bumped up their estimates for MYRG, giving the stock a Zacks Earnings ESP of 5.26% heading into earnings season.
MYR Group, Inc. Price and EPS Surprise
MYR Group, Inc. Price and EPS Surprise | MYR Group, Inc. Quote
Why is this Important?
A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises, and outperforming the market. Our recent 10 year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).
Given that MYRG has a Zacks Rank #3 (Hold) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clearly, recent earnings estimate revisions suggest that good things are ahead for MYR Group, and that a beat might be in the cards for the upcoming report.
8 Stocks with Huge Profit Potential
Just released: Driverless Cars: Your Roadmap to Mega-Profits Today. In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>