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

Shares of MYR Group Inc. (NASDAQ:MYRG) have received a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $157.00.

MYRG has been the subject of a number of research analyst reports. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Robert W. Baird lifted their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus raised their target price 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.

MYR Group Price Performance

Shares of MYR Group stock opened at $145.59 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The stock’s 50-day simple moving average is $152.65 and its 200-day simple moving average is $128.36. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 63.58 and a beta of 0.96.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in MYR Group in the 3rd quarter valued at $116,000. Millburn Ridgefield Corp purchased a new stake in MYR Group in the third quarter worth $130,000. Quest Partners LLC bought a new stake in shares of MYR Group during the third quarter worth $223,000. Finally, FMR LLC lifted its position in shares of MYR Group by 90.2% during the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 1,108 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.