MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analysts rate MYR Group a “Moderate Buy.” Of eight analysts, four recommend holding, two recommend buying, and two issue strong-buy ratings; the average 12-month price target is $451.20.
• MYR Group’s latest quarterly results exceeded expectations, with adjusted EPS of $3.17 versus the $2.62 consensus and revenue of $1.08 billion versus $995.74 million expected. Revenue increased 20.1% year over year.
• Shares fell 6.7% to $271.75, well below the 12-month high of $503.57. Institutional investors own approximately 88.9% of the company’s stock.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight analysts that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $451.20.

MYRG has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their target price on shares of MYR Group from $469.00 to $422.00 and set a "neutral" rating for the company in a research note on Thursday, August 13th. Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research report on Thursday, July 30th. Wall Street Zen cut MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 29th. Finally, Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th.

MYR Group Trading Down 6.7%

Shares of MYRG stock opened at $271.75 on Tuesday. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a market capitalization of $4.23 billion, a P/E ratio of 25.78 and a beta of 1.31. The firm has a 50-day moving average price of $340.41 and a 200 day moving average price of $361.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. MYR Group's revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.70 earnings per share. Research analysts forecast that MYR Group will post 12.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. First Trust Advisors LP raised its position in shares of MYR Group by 23.5% in the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock valued at $57,518,000 after buying an additional 38,726 shares in the last quarter. Geode Capital Management LLC increased its position in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after purchasing an additional 13,511 shares during the period. BlackRock Inc. acquired a new position in MYR Group in the second quarter valued at about $1,232,294,000. Hel Ved Capital Management Ltd acquired a new position in shares of MYR Group in the 4th quarter valued at approximately $3,525,000. Finally, Abacus FCF Advisors LLC bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $11,772,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.

Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.

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