MYR Group Inc. (NASDAQ:MYRG) Receives $157.00 Average Target Price from Analysts

MYR Group Inc. (NASDAQ:MYRG) has been assigned an average recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $157.00.

A number of equities analysts have commented on MYRG shares. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group increased their target price on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus boosted their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th.

Institutional Trading of MYR Group

Institutional investors have recently made changes to their positions in the company. Tidal Investments LLC boosted its stake in MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares during the period. Louisiana State Employees Retirement System boosted its position in shares of MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after purchasing an additional 100 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in MYR Group by 0.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after purchasing an additional 160 shares during the last quarter. RiverPark Advisors LLC raised its position in MYR Group by 21.9% in the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares during the period. Finally, TD Asset Management Inc raised its position in MYR Group by 10.4% in the second quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 1.1 %

MYRG stock opened at $165.59 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02. The company’s 50-day simple moving average is $140.02 and its 200-day simple moving average is $127.39. The firm has a market cap of $2.67 billion, a P/E ratio of 72.31 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 EPS. As a group, equities analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.