Analysts Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $148.80

MYR Group Inc. (NASDAQ:MYRG) has been given a consensus rating of “Moderate Buy” by the five research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $140.60.

Several research firms recently issued reports on MYRG. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a research report on Friday, March 14th. Robert W. Baird dropped their target price on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. Piper Sandler began coverage on shares of MYR Group in a report on Tuesday. They issued a “neutral” rating and a $124.00 price target for the company. Finally, Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in MYRG. FMR LLC lifted its position in MYR Group by 90.2% in the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after purchasing an additional 1,108 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of MYR Group by 2.2% in the third quarter. Janus Henderson Group PLC now owns 28,746 shares of the utilities provider’s stock valued at $2,938,000 after purchasing an additional 632 shares during the period. Quadrature Capital Ltd raised its holdings in shares of MYR Group by 41.0% during the third quarter. Quadrature Capital Ltd now owns 5,564 shares of the utilities provider’s stock valued at $569,000 after buying an additional 1,618 shares during the last quarter. Barclays PLC boosted its position in shares of MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after buying an additional 23,013 shares during the period. Finally, Tidal Investments LLC grew its holdings in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Down 2.8 %

NASDAQ:MYRG opened at $111.89 on Tuesday. The stock has a 50-day simple moving average of $122.79 and a 200 day simple moving average of $134.20. MYR Group has a one year low of $86.60 and a one year high of $172.73. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 48.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

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.