MYR Group Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG) have earned a consensus rating of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat reports. Two 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 updated their coverage on the stock in the last year is $143.75.

A number of research firms have weighed in on MYRG. The Goldman Sachs Group boosted 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. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus reduced 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.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently made changes to their positions in MYRG. Louisiana State Employees Retirement System lifted its position in shares of MYR Group by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after purchasing an additional 100 shares during the period. Covestor Ltd raised its stake in MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after buying an additional 132 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in MYR Group by 0.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after buying an additional 160 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in MYR Group by 1.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,252 shares of the utilities provider’s stock valued at $1,527,000 after buying an additional 193 shares during the period. Finally, RiverPark Advisors LLC grew its holdings in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after acquiring an additional 196 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

NASDAQ:MYRG opened at $151.05 on Monday. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $121.81 and its 200 day simple moving average is $127.17. The firm has a market capitalization of $2.43 billion, a PE ratio of 65.96 and a beta of 0.89.

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, beating analysts’ consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the company posted $1.28 EPS. On average, analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal 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.