Gold prices cool after rallying on Powell rate cut talk
THORNTON, Colo. - MYR Group Inc. (NASDAQ:MYRG), a $2.91 billion market cap electrical contractor currently trading near its 52-week high of $190.81, announced Monday it has executed a five-year Design-Build Electric Distribution Master Service Agreement (MSA) with Xcel Energy Inc. through one of its subsidiaries.
The agreement, effective through 2029, is expected to exceed $500 million over the five-year period, according to a company press release. Under the MSA, MYR Group will provide turnkey, design-build distribution services including permitting, right of way, public outreach, design, and construction across Xcel Energy’s multi-state service territories.
The contract aims to support Xcel Energy’s initiatives in wildfire mitigation, capacity expansion, and infrastructure modernization.
"This opportunity not only enhances our nearly 70-year relationship with Xcel Energy but also allows us to deploy our high-performing teams with a strong track record of successful project execution," said Rick Swartz, President and Chief Executive Officer of MYR Group.
MYR Group operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). The company provides electrical contracting services throughout the United States and Canada, including work on electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure.
The company’s stock is listed on the NASDAQ exchange under the ticker symbol MYRG.
In other recent news, MYR Group Inc. reported strong financial results for the first quarter of 2025, exceeding both earnings and revenue forecasts. The company’s earnings per share reached $1.45, surpassing the expected $1.17, while revenue totaled $834 million against a forecast of $787.66 million. This performance was driven by a 14.4% year-over-year increase in the Commercial and Industrial segment, although the Transmission and Distribution segment saw a 5.8% decline. Meanwhile, Goldman Sachs downgraded MYR Group’s stock rating from Buy to Neutral, citing the absence of long-term guidance and balanced exposure to both key market segments. Despite the downgrade, analysts at Goldman Sachs increased the price target to $168, expecting growth in the Transmission and Distribution segment at a 9% compound annual growth rate through 2030. MYR Group’s management remains focused on work driven by master service agreements in the Transmission and Distribution sector, where industry capital spending is projected to grow annually. The company continues to prioritize organic growth and potential acquisitions, with operating cash flow seeing a significant increase to $83 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.