MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $292.63 and last traded at $291.54, with a volume of 21243 shares changing hands. The stock had previously closed at $267.10.

Analyst Ratings Changes

MYRG has been the topic of several research analyst reports. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group increased their price target 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. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. Finally, Stifel Nicolaus upped their target price on shares of MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Price Performance

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $4.54 billion, a PE ratio of 38.83 and a beta of 1.15. The company has a fifty day moving average price of $266.42 and a two-hundred day moving average price of $234.10.

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

Hedge Funds Weigh In On MYR Group

A number of institutional investors have recently modified their holdings of MYRG. Farther Finance Advisors LLC raised its position in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in MYR Group during the 2nd quarter worth $34,000. Salomon & Ludwin LLC purchased a new position in MYR Group during the 3rd quarter worth $34,000. Acumen Wealth Advisors LLC acquired a new position in MYR Group in the fourth quarter valued at $35,000. Finally, Signaturefd LLC increased its stake in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

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.