Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $157.00

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

A number of research analysts recently issued reports on the company. Robert W. Baird lifted 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. Stifel Nicolaus lifted their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. The Goldman Sachs Group upped their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th.

Hedge Funds Weigh In On MYR Group

Hedge funds have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D grew its holdings in shares of MYR Group by 66.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after purchasing an additional 7,655 shares during the last quarter. Fisher Asset Management LLC grew its stake in MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock worth $3,859,000 after buying an additional 3,759 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in MYR Group during the second quarter worth approximately $5,163,000. Walleye Capital LLC increased its stake in MYR Group by 422.6% in the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after purchasing an additional 35,569 shares during the period. Finally, FORA Capital LLC acquired a new stake in shares of MYR Group during the third quarter worth about $417,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Trading Down 1.1 %

NASDAQ MYRG opened at $165.59 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 72.31 and a beta of 0.93. The firm has a 50 day simple moving average of $140.02 and a 200-day simple moving average of $127.39. MYR Group has a one year low of $86.60 and a one year high of $181.02.

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