MYR Group Inc. (NASDAQ:MYRG) Given Average Recommendation of “Moderate Buy” by Brokerages

MYR Group Inc. (NASDAQ:MYRG) has been given an average rating of “Moderate Buy” by the five research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $173.25.

A number of equities analysts have recently commented on the stock. Stifel Nicolaus cut their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Robert W. Baird lowered their price objective on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd.

MYR Group Trading Up 1.7 %

Shares of MYRG stock opened at $138.27 on Friday. The company has a 50-day moving average of $152.47 and a two-hundred day moving average of $153.97. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group has a 1-year low of $110.87 and a 1-year high of $181.02. The firm has a market cap of $2.32 billion, a PE ratio of 26.80 and a beta of 1.04.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. The business had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the company posted $1.38 EPS. On average, analysts predict that MYR Group will post 5.5 EPS for the current year.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Daiwa Securities Group Inc. purchased a new stake in shares of MYR Group during the 4th quarter worth $29,000. Fidelis Capital Partners LLC purchased a new stake in shares of MYR Group during the 1st quarter worth $48,000. Quest Partners LLC purchased a new stake in shares of MYR Group during the 4th quarter worth $60,000. GAMMA Investing LLC purchased a new stake in shares of MYR Group during the 4th quarter worth $62,000. Finally, Covestor Ltd boosted its position in shares of MYR Group by 23.7% during 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. 88.90% of the stock is currently 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.