MYR Group Inc. (NASDAQ:MYRG) Receives $146.60 Consensus PT from Analysts

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the five ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $149.40.

A number of research analysts recently commented on the company. StockNews.com raised MYR Group from a "hold" rating to a "buy" rating in a research note on Monday. The Goldman Sachs Group reduced their price objective on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. KeyCorp lifted their target price on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Finally, Piper Sandler increased their price objective on MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a report on Monday.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new position in shares of MYR Group in the 4th quarter worth $60,217,000. ACK Asset Management LLC purchased a new position in shares of MYR Group during the 4th quarter valued at approximately $29,754,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of 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 acquiring an additional 159,302 shares during the last quarter. Millennium Management LLC boosted its position in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after buying an additional 128,159 shares during the period. Finally, Next Century Growth Investors LLC increased its position in shares of MYR Group by 513.8% in the 4th quarter. Next Century Growth Investors LLC now owns 151,610 shares of the utilities provider's stock valued at $22,555,000 after purchasing an additional 126,910 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Performance

NASDAQ MYRG traded up $0.17 on Friday, hitting $155.45. 21,897 shares of the stock were exchanged, compared to its average volume of 213,737. The company has a market capitalization of $2.41 billion, a PE ratio of 67.88 and a beta of 1.06. The business's fifty day moving average is $120.15 and its 200 day moving average is $136.02. MYR Group has a 52 week low of $86.60 and a 52 week high of $168.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same period in the prior year, the firm earned $1.12 EPS. The business's revenue was up 2.2% on a year-over-year basis. Research analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

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.