Stifel Nicolaus Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

MYR Group (NASDAQ:MYRG) had its price target increased by Stifel Nicolaus from $153.00 to $172.00 in a research note released on Wednesday,Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

Several other equities research analysts have also weighed in on MYRG. The Goldman Sachs Group raised their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Trading Down 1.1 %

Shares of NASDAQ:MYRG opened at $165.59 on Wednesday. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The company’s 50 day moving average is $140.02 and its two-hundred day moving average is $127.80. The company has a market cap of $2.67 billion, a PE ratio of 72.31 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating 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 firm had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the prior year, the company posted $1.28 earnings per share. MYR Group’s revenue for the quarter was down 5.5% compared to the same quarter last year. Equities analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MYRG. State of New Jersey Common Pension Fund D lifted its stake in MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after buying an additional 7,655 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after acquiring an additional 3,759 shares during the period. Assenagon Asset Management S.A. purchased a new stake in MYR Group in the 2nd quarter valued at $5,163,000. Walleye Capital LLC boosted its stake in MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after purchasing an additional 35,569 shares during the period. Finally, FORA Capital LLC acquired a new stake in MYR Group during the 3rd quarter worth $417,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.