MYR Group, Inc. (NASDAQ:MYRG) Stock Has Average Target Price of $424.80 According to Brokerages

Key Points

• MYR Group has a “Moderate Buy” consensus rating from eight analysts, with an average 12-month price target of $424.80 versus the stock’s $311.63 opening price.
• Recent analyst opinions were mixed: Stifel and Jefferies lowered price targets, while Jefferies upgraded the stock to “buy”; other firms issued hold or buy ratings.
• MYR Group reported strong quarterly results, with EPS of $3.17 exceeding the $2.62 estimate and revenue rising 20.1% year over year to $1.08 billion. Institutional investors own 88.9% of the company’s shares.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) has received a consensus rating of "Moderate Buy" from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $424.80.

A number of analysts have recently commented on the stock. Stifel Nicolaus cut their price objective on shares of MYR Group from $445.00 to $393.00 and set a "buy" rating on the stock in a research report on Thursday. Zacks Research downgraded shares of MYR Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Wall Street Zen downgraded MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. Finally, Jefferies Financial Group upgraded MYR Group from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $377.00 to $370.00 in a research note on Tuesday.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Kilter Group LLC bought a new position in shares of MYR Group in the 2nd quarter valued at about $25,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group during the 2nd quarter worth about $30,000. Global Retirement Partners LLC bought a new stake in shares of MYR Group in the 2nd quarter valued at about $30,000. Parallel Advisors LLC raised its holdings in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 79 shares during the period. Finally, Allworth Financial LP acquired a new stake in MYR Group in the 2nd quarter valued at about $40,000. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 0.3%

Shares of MYR Group stock opened at $311.63 on Friday. The business's 50 day simple moving average is $304.18 and its 200 day simple moving average is $364.24. MYR Group has a 52-week low of $190.13 and a 52-week high of $503.57. The firm has a market cap of $4.85 billion, a PE ratio of 29.57 and a beta of 1.32. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

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

About MYR Group

MYR Group Inc NASDAQ: MYRG is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.

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