MYR Group (NASDAQ:MYRG) Given New $211.00 Price Target at KeyCorp

Key Points

• Analysts at KeyCorp raised their target price for MYR Group stock from $205.00 to $211.00, suggesting a potential upside of 17.05% based on the current price.
• MYR Group's earnings report showed a profit of $1.70 per share, exceeding expectations and reflecting an 8.6% increase in revenue year-over-year.
• Multiple investment firms have expressed positive sentiment, with ratings ranging from "buy" to "strong buy," contributing to a consensus rating of "Moderate Buy" with an average price target of $181.20.

MYR Group (NASDAQ:MYRG - Free Report) had its price target hoisted by KeyCorp from $205.00 to $211.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an overweight rating on the utilities provider's stock.

Several other equities analysts have also weighed in on the stock. Piper Sandler lifted their target price on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and increased their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Stifel Nicolaus boosted their target price on shares of MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $181.20.

MYR Group Trading Down 0.7%

Shares of MYRG traded down $1.26 on Friday, hitting $187.45. 161,949 shares of the stock traded hands, compared to its average volume of 214,333. MYR Group has a 1 year low of $86.60 and a 1 year high of $220.01. The stock's 50 day moving average is $178.30 and its two-hundred day moving average is $147.95. The firm has a market capitalization of $2.91 billion, a P/E ratio of 39.13 and a beta of 1.17. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

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

Institutional Trading of MYR Group

Several large investors have recently added to or reduced their stakes in MYRG. T. Rowe Price Investment Management Inc. lifted its position in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares during the period. Millennium Management LLC raised its position in MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after acquiring an additional 128,159 shares in the last quarter. Wellington Management Group LLP lifted its holdings in MYR Group by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after acquiring an additional 47,445 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of MYR Group by 97.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider's stock valued at $63,594,000 after purchasing an additional 172,962 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of MYR Group by 214.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock valued at $34,215,000 after buying an additional 206,369 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Company 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.