MYR Group (NASDAQ:MYRG) Price Target Raised to $305.00

MYR Group (NASDAQ:MYRG) had its price objective lifted by Stifel Nicolaus from $262.00 to $305.00 in a report published on Tuesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the utilities provider’s stock.

Other analysts have also issued research reports about the stock. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Finally, Cantor Fitzgerald upped their target price on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.43.

MYR Group Stock Down 2.2%

Shares of MYR Group stock opened at $268.50 on Tuesday. The business has a 50-day moving average price of $252.57 and a 200 day moving average price of $222.54. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The firm has a market cap of $4.17 billion, a P/E ratio of 35.66 and a beta of 1.15. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The company had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. During the same quarter last year, the firm earned $0.99 EPS. The business’s revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently made changes to their positions in the business. MAI Capital Management grew its holdings in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares in the last quarter. Farther Finance Advisors LLC boosted its position in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of MYR Group in the second quarter worth $34,000. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group in the second quarter worth $34,000. Finally, Salomon & Ludwin LLC acquired a new position in shares of MYR Group during the third quarter valued at $34,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.