MYR Group, Inc. (NASDAQ:MYRG) Receives $157.00 Consensus Target Price from Analysts

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) has earned a consensus rating of "Moderate Buy" from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $157.00.

A number of research firms have commented on MYRG. Piper Sandler upped their price target on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and upped their price target for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. KeyCorp upped their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, Robert W. Baird upped their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st.

MYR Group Trading Up 0.8%

MYR Group stock traded up $1.39 during mid-day trading on Friday, hitting $169.34. The company's stock had a trading volume of 402,600 shares, compared to its average volume of 226,937. The firm has a market capitalization of $2.63 billion, a PE ratio of 77.68 and a beta of 1.17. MYR Group has a 1 year low of $86.60 and a 1 year high of $172.01. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. The stock's fifty day moving average is $149.62 and its two-hundred day moving average is $140.46.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.12 earnings per share. On average, analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Inspire Investing LLC grew its holdings in shares of MYR Group by 13.8% during the first quarter. Inspire Investing LLC now owns 3,043 shares of the utilities provider's stock worth $344,000 after buying an additional 368 shares during the last quarter. Strs Ohio acquired a new stake in MYR Group in the first quarter valued at about $339,000. Intech Investment Management LLC lifted its position in MYR Group by 24.5% in the first quarter. Intech Investment Management LLC now owns 18,540 shares of the utilities provider's stock valued at $2,097,000 after purchasing an additional 3,647 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in 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 purchasing an additional 206,369 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock valued at $22,998,000 after purchasing an additional 1,437 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

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.