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

MYR Group Inc. (NASDAQ:MYRG) has been assigned an average rating of “Moderate Buy” from the four research firms that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $157.00.

Several equities analysts have recently issued reports on MYRG shares. Stifel Nicolaus lifted their price objective on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group increased their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, Robert W. Baird lifted their target price on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st.

Institutional Trading of MYR Group

Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Jacobs Levy Equity Management Inc. acquired a new position in shares of MYR Group in the 3rd quarter valued at about $24,145,000. Assenagon Asset Management S.A. grew its position in MYR Group by 387.9% during the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares in the last quarter. TimesSquare Capital Management LLC increased its stake in MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after buying an additional 136,643 shares during the period. Millennium Management LLC lifted its position in MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after buying an additional 69,886 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in shares of MYR Group by 586.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock valued at $7,190,000 after buying an additional 60,085 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Trading Down 1.8 %

MYR Group stock opened at $142.96 on Tuesday. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $2.30 billion, a PE ratio of 62.43 and a beta of 0.96. The firm has a 50 day simple moving average of $152.91 and a 200-day simple moving average of $128.31.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share 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 business had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The company’s revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts expect 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.