Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Target Price at $173.25

Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $173.25.

A number of research firms have recently weighed in on MYRG. Stifel Nicolaus dropped their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Robert W. Baird cut their price target on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. Finally, Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a research note on Monday, February 26th.

Institutional Trading of MYR Group

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG raised its holdings in MYR Group by 13.6% in the 3rd quarter. Deutsche Bank AG now owns 9,034 shares of the utilities provider’s stock worth $1,217,000 after acquiring an additional 1,080 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of MYR Group during the 3rd quarter worth about $290,000. CenterBook Partners LP boosted its stake in MYR Group by 20.1% during the 3rd quarter. CenterBook Partners LP now owns 2,232 shares of the utilities provider’s stock valued at $301,000 after purchasing an additional 374 shares during the period. Hsbc Holdings PLC grew its holdings in MYR Group by 43.5% in the 3rd quarter. Hsbc Holdings PLC now owns 3,158 shares of the utilities provider’s stock valued at $426,000 after buying an additional 957 shares during the last quarter. Finally, Dark Forest Capital Management LP bought a new position in MYR Group in the 3rd quarter worth approximately $364,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Up 1.2 %

Shares of NASDAQ:MYRG opened at $140.12 on Friday. The firm has a 50 day simple moving average of $154.44 and a 200 day simple moving average of $154.10. MYR Group has a 52 week low of $110.87 and a 52 week high of $181.02. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market cap of $2.35 billion, a PE ratio of 27.16 and a beta of 1.04.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The company had revenue of $815.56 million for the quarter, compared to the consensus estimate of $854.13 million. During the same quarter in the prior year, the company earned $1.38 EPS. The firm’s quarterly revenue was up .5% on a year-over-year basis. As a group, research analysts expect that MYR Group will post 5.5 earnings per share for the current 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.