KeyCorp Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

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 - Get Free Report) had its target price lifted by analysts at KeyCorp from $205.00 to $211.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the utilities provider's stock. KeyCorp's price objective would indicate a potential upside of 17.05% from the stock's previous close.

MYRG has been the topic of several other research reports. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Robert W. Baird increased their target price on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. The Goldman Sachs Group downgraded 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. Piper Sandler increased their target price on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Stifel Nicolaus increased their target price on MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $181.20.

MYR Group Stock Performance

MYR Group stock opened at $180.26 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.80 billion, a P/E ratio of 39.17 and a beta of 1.19. The stock's 50 day moving average is $177.07 and its 200 day moving average is $147.34. MYR Group has a twelve month low of $86.60 and a twelve month high of $220.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.14. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.19% and a net margin of 2.21%. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.91) EPS. On average, equities research analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently modified their holdings of MYRG. Wellington Management Group LLP purchased a new position in shares of MYR Group in the 4th quarter worth $60,217,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of MYR Group by 214.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock worth $34,215,000 after buying an additional 206,369 shares during the last quarter. ACK Asset Management LLC purchased a new position in shares of MYR Group in the 4th quarter worth $29,754,000. Nuveen LLC purchased a new position in shares of MYR Group in the 1st quarter worth $18,511,000. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

About MYR Group

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.

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