MYR (MYRG) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
MYR Group benefits from surging data center construction, driving record backlog and significant margin expansion. The Commercial & Industrial segment now leads revenue growth, with 32.9% YoY revenue and 114% EBIT increases, boosting overall profitability. Shifting to fixed-price contracts in MYRG's new business is accelerating margin growth, with incremental gross margins hitting 21.5% in Q2.
MYR Group remains a hold despite strong Q2 results and robust data center/grid tailwinds; I seek a further price pullback before upgrading. Q2 EPS surged 86% YoY to $3.17, with revenue up 20% to $1.08B, driven by record C&I segment growth and margin expansion. Backlog hit a record $3.16B (+20% YoY), but a significant portion from large projects will not impact revenue until late 2027.
THORNTON, Colo., Sept. 08, 2026 (GLOBE NEWSWIRE) -- MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the KeyBanc Taking Charge: Energy Transition Symposium. MYR Group's Chief Executive Officer, Rick Swartz, Chief Financial Officer, Kelly Huntington, and Vice President, Investor Relations and Treasurer, Jennifer Harper, will meet with institutional investors during the KeyBanc Taking Charge: Energy Transition Symposium on September 17, 2026, virtually. This event is only available to KeyBanc clients.