MYR Group, Inc. (NASDAQ:MYRG) Receives Average Recommendation of "Moderate Buy" from Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have been given a consensus rating of "Moderate Buy" by the five ratings firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $157.00.

A number of brokerages have recently issued reports on MYRG. Stifel Nicolaus dropped their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Robert W. Baird raised their target price on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. KeyCorp lifted their target price on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and increased their price target for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Finally, Piper Sandler raised their price objective on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted its stake in shares of MYR Group by 0.5% in the 4th quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider's stock valued at $6,731,000 after acquiring an additional 216 shares during the last quarter. Truist Financial Corp boosted its stake in shares of MYR Group by 51.1% during the fourth quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock valued at $506,000 after purchasing an additional 1,150 shares during the period. New York State Common Retirement Fund grew its holdings in shares of MYR Group by 25.6% in the fourth quarter. New York State Common Retirement Fund now owns 86,016 shares of the utilities provider's stock worth $12,797,000 after purchasing an additional 17,559 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in shares of MYR Group by 35.7% in the fourth quarter. Handelsbanken Fonder AB now owns 3,800 shares of the utilities provider's stock worth $565,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Arcadia Investment Management Corp MI purchased a new position in shares of MYR Group in the fourth quarter worth $47,000. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

NASDAQ MYRG traded up $1.39 on Friday, hitting $179.15. The stock had a trading volume of 219,958 shares, compared to its average volume of 226,829. The firm has a 50-day moving average of $152.12 and a 200-day moving average of $140.77. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group has a 52-week low of $86.60 and a 52-week high of $188.71. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 82.18 and a beta of 1.17.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the business posted $1.12 earnings per share. The firm's revenue was up 2.2% compared to the same quarter last year. Equities analysts expect that MYR Group will post 1.16 EPS for the current year.

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.