MYR Group, Inc. (NASDAQ:MYRG) Receives Average Rating of “Moderate Buy” from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has been assigned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $235.4286.

Several equities research analysts recently commented on the company. Stifel Nicolaus upped their target price on MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Finally, The Goldman Sachs Group lifted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd.

MYR Group Price Performance

MYRG stock opened at $274.39 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of 36.44 and a beta of 1.15. The company’s fifty day simple moving average is $262.30 and its 200 day simple moving average is $229.90. MYR Group has a 12-month low of $97.72 and a 12-month high of $290.87.

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

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its holdings in MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after buying an additional 47 shares in the last quarter. Bank of Montreal Can raised its position in MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after buying an additional 50 shares during the last quarter. MAI Capital Management lifted its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. Inspire Investing LLC boosted its holdings in MYR Group by 2.6% during the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after acquiring an additional 56 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after acquiring an additional 61 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

About MYR Group

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.