MYR Group Inc. (NASDAQ:MYRG) Receives $157.00 Average Target Price from Analysts

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 Ratings 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 analysts that have covered the stock in the last year is $157.00.

MYRG has been the subject of several recent research reports. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird increased their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price objective 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.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. TD Asset Management Inc raised its stake in MYR Group by 10.4% in the second quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after buying an additional 500 shares during the last quarter. Choreo LLC purchased a new position in shares of MYR Group in the 2nd quarter valued at approximately $481,000. Texas Permanent School Fund Corp boosted its stake in MYR Group by 13.5% in the 2nd quarter. Texas Permanent School Fund Corp now owns 16,600 shares of the utilities provider’s stock worth $2,253,000 after purchasing an additional 1,976 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in MYR Group by 0.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after purchasing an additional 160 shares in the last quarter. Finally, Hsbc Holdings PLC grew its position in MYR Group by 13.3% during the 2nd quarter. Hsbc Holdings PLC now owns 5,113 shares of the utilities provider’s stock worth $695,000 after purchasing an additional 601 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $145.59 on Tuesday. 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 company has a market capitalization of $2.35 billion, a PE ratio of 63.58 and a beta of 0.96. The company has a 50 day moving average price of $152.65 and a 200-day moving average price of $128.36. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same period last year, the business posted $1.28 EPS. MYR Group’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities analysts forecast that MYR Group will post 1.16 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.