MYR Group (NASDAQ:MYRG) Stock Rating Upgraded by KeyCorp

MYR Group (NASDAQ:MYRG) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $136.00 price target on the utilities provider’s stock. KeyCorp’s price objective suggests a potential upside of 16.03% from the company’s previous close. KeyCorp also issued estimates for MYR Group’s Q1 2025 earnings at $1.14 EPS.

MYRG has been the topic of several other research reports. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Stifel Nicolaus boosted their price target on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $155.00.

MYR Group Stock Performance

Shares of MYR Group stock opened at $117.21 on Friday. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market capitalization of $1.89 billion, a P/E ratio of 51.18 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $135.18 and a two-hundred day simple moving average of $131.53.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its holdings in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC boosted its stake in MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of MYR Group in the fourth quarter worth $60,217,000. Finally, American Century Companies Inc. lifted its holdings in shares of MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after purchasing an additional 91,644 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.