Harbour Capital Advisors LLC Buys Shares of 2,065 MYR Group, Inc. $MYRG

Key Points

• Harbour Capital Advisors LLC has acquired a new stake in MYR Group, Inc., purchasing 2,065 shares valued at approximately $378,000 in the second quarter.
• Wall Street analysts have a generally positive outlook on MYR Group, with a consensus target price of $191.83 and multiple ratings reflecting a "Moderate Buy" sentiment.
• The company's stock recently opened at $178.85 and has shown significant growth, with revenue up 8.6% year-over-year, surpassing analysts' estimates.

Harbour Capital Advisors LLC purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,065 shares of the utilities provider's stock, valued at approximately $378,000.

Several other institutional investors also recently bought and sold shares of MYRG. ANTIPODES PARTNERS Ltd increased its position in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after buying an additional 101 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of MYR Group by 3.8% in the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock valued at $336,000 after buying an additional 108 shares in the last quarter. UMB Bank n.a. increased its position in shares of MYR Group by 266.0% in the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock valued at $35,000 after buying an additional 141 shares in the last quarter. US Bancorp DE increased its position in shares of MYR Group by 2.4% in the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after buying an additional 144 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after buying an additional 165 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Price Performance

Shares of MYRG traded down $5.70 during trading hours on Tuesday, hitting $183.47. 80,343 shares of the stock were exchanged, compared to its average volume of 211,081. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $220.01. The company has a market cap of $2.85 billion, a price-to-earnings ratio of 38.48 and a beta of 1.19. The stock's 50-day moving average price is $185.82 and its two-hundred day moving average price is $159.56.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. The company had revenue of $900.33 million during the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.91) EPS. Research analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. KeyCorp boosted their price objective on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Stifel Nicolaus set a $210.00 price objective on MYR Group in a research report on Monday, August 4th. Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Jefferies Financial Group assumed coverage on MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target for the company. Finally, The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.