MYR Group Inc. (NASDAQ:MYRG) Receives $137.75 Consensus Price Target from Analysts

Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $137.75.

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

Hedge Funds Weigh In On MYR Group

Several hedge funds have recently made changes to their positions in the business. Moloney Securities Asset Management LLC grew its position in shares of MYR Group by 0.9% in the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock valued at $1,441,000 after acquiring an additional 75 shares during the period. Louisiana State Employees Retirement System boosted its stake in MYR Group by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after buying an additional 100 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in MYR Group by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares in the last quarter. Covestor Ltd increased its holdings in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares in the last quarter. Finally, First National Bank of Hutchinson raised its holdings in MYR Group by 2.6% in the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock valued at $1,101,000 after buying an additional 160 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

NASDAQ:MYRG opened at $114.36 on Thursday. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. The company’s 50-day moving average is $104.88 and its two-hundred day moving average is $130.09. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of 39.16 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 (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group’s revenue was down 6.7% on a year-over-year basis. During the same period last year, the firm posted $1.33 EPS. Research analysts expect that MYR Group will post 0.88 EPS 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.