Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $137.75

Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $137.75.

MYRG has been the topic of several recent research reports. Stifel Nicolaus lowered their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Robert W. Baird lowered their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. The Goldman Sachs Group cut their target price on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research report on Thursday, September 19th. Finally, StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th.

Hedge Funds Weigh In On MYR Group

Several institutional investors have recently added to or reduced their stakes in MYRG. Vanguard Group Inc. grew its stake in shares of MYR Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after buying an additional 5,055 shares during the period. First Bank & Trust acquired a new stake in MYR Group in the first quarter valued at approximately $274,000. Allspring Global Investments Holdings LLC increased its holdings in shares of MYR Group by 17.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 47,618 shares of the utilities provider’s stock valued at $8,416,000 after acquiring an additional 7,038 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of MYR Group by 22.3% during the first quarter. BNP Paribas Financial Markets now owns 15,723 shares of the utilities provider’s stock worth $2,779,000 after purchasing an additional 2,871 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after purchasing an additional 131 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

MYR Group stock opened at $116.76 on Thursday. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of 39.99 and a beta of 0.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The stock’s 50 day moving average is $105.08 and its 200-day moving average is $129.44.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The firm had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. During the same period in the prior year, the business posted $1.33 EPS. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. Equities research analysts expect that MYR Group will post 0.88 EPS for the current year.

About MYR Group

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.