MYR Group Inc. (NASDAQ:MYRG) Receives $147.75 Consensus PT from Analysts

Shares of MYR Group Inc. (NASDAQ:MYRG) have received an average recommendation of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $147.75.

A number of brokerages have commented on MYRG. Robert W. Baird lowered their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus lowered their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Monday, September 2nd.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently added to or reduced their stakes in MYRG. Moloney Securities Asset Management LLC raised its stake in MYR Group by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock valued at $1,441,000 after purchasing an additional 75 shares in the last quarter. Louisiana State Employees Retirement System lifted its stake 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 valued at $1,140,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC increased its stake in shares of MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after acquiring an additional 131 shares in the last quarter. Covestor Ltd raised its holdings in shares of MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the period. Finally, First National Bank of Hutchinson raised its stake in MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after buying an additional 160 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Down 2.1 %

NASDAQ:MYRG opened at $88.59 on Wednesday. The firm has a market capitalization of $1.49 billion, a PE ratio of 17.17 and a beta of 0.93. The stock has a 50 day moving average of $118.55 and a 200-day moving average of $144.41. MYR Group has a 52 week low of $88.50 and a 52 week high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same period in the previous year, the company posted $1.33 earnings per share. MYR Group’s revenue was down 6.7% compared to the same quarter last year. Analysts predict that MYR Group will post 3.11 EPS for the current year.

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.