Cantor Fitzgerald Issues Positive Forecast for MYR Group (NASDAQ:MYRG) Stock Price

Key Points

• Cantor Fitzgerald raised its price target on MYR Group from $311 to $564 and kept an overweight rating, implying about 27% upside from the previous close.
• MYR Group reported better-than-expected quarterly results, with EPS of $2.99 versus $2.09 expected and revenue of $1.0 billion versus $932.45 million expected. Revenue also rose 20% year over year.
• Analyst sentiment remains mixed but constructive: MarketBeat shows a Moderate Buy consensus with a target price of $328.86, while MYRG shares recently traded near $442.77, above several other published targets.

MYR Group (NASDAQ:MYRG - Get Free Report) had its target price boosted by equities research analysts at Cantor Fitzgerald from $311.00 to $564.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the utilities provider's stock. Cantor Fitzgerald's target price would indicate a potential upside of 27.38% from the stock's previous close.

MYRG has been the subject of a number of other reports. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. 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, March 3rd. Finally, Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $328.86.

MYR Group Price Performance

Shares of MYRG stock traded up $4.91 during trading hours on Monday, hitting $442.77. The company's stock had a trading volume of 21,691 shares, compared to its average volume of 270,961. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $303.61 and a 200-day moving average of $258.91. MYR Group has a twelve month low of $154.55 and a twelve month high of $475.39. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 48.82 and a beta of 1.30.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company's quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.45 EPS. As a group, equities research analysts anticipate that MYR Group will post 9.84 EPS for the current year.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. Parallel Advisors LLC raised its stake in MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after purchasing an additional 79 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of 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 buying an additional 104 shares during the last quarter. Acumen Wealth Advisors LLC purchased a new position in shares of MYR Group in the 4th quarter worth $35,000. Signaturefd LLC raised its position in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after buying an additional 65 shares during the period. Finally, Hantz Financial Services Inc. boosted its holdings in MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds 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.

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