MYR Group, Inc. (NASDAQ:MYRG) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• MYR Group, Inc. has received a consensus rating of "Moderate Buy" from six research firms, with analysts projecting an average 1-year price target of $191.83.
• In the second quarter, institutional investors significantly increased their holdings in MYR Group, with Texas Permanent School Fund Corp raising its position by 34.3% and Osaic Holdings Inc. by 200.5%.
• The company reported $1.70 earnings per share, surpassing estimates, with quarterly revenue reaching $900.33 million, indicating an 8.6% year-over-year increase.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the six research firms that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $191.8333.

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a "hold" rating and a $202.00 price target for the company. KeyCorp lifted their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. The Goldman Sachs Group lifted their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research report on Monday, August 4th.

Institutional Investors Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Texas Permanent School Fund Corp raised its position in shares of MYR Group by 34.3% in the second quarter. Texas Permanent School Fund Corp now owns 17,546 shares of the utilities provider's stock valued at $3,184,000 after buying an additional 4,486 shares in the last quarter. Osaic Holdings Inc. raised its position in MYR Group by 200.5% during the second quarter. Osaic Holdings Inc. now owns 1,755 shares of the utilities provider's stock valued at $316,000 after purchasing an additional 1,171 shares in the last quarter. Squarepoint Ops LLC raised its position in MYR Group by 81.9% during the second quarter. Squarepoint Ops LLC now owns 32,390 shares of the utilities provider's stock valued at $5,877,000 after purchasing an additional 14,588 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in MYR Group during the second quarter valued at approximately $257,000. Finally, Pitcairn Co. acquired a new position in MYR Group during the second quarter valued at approximately $510,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Up 4.2%

Shares of MYRG stock opened at $206.93 on Tuesday. The firm has a 50 day moving average price of $186.26 and a two-hundred day moving average price of $162.42. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $3.21 billion, a PE ratio of 43.20 and a beta of 1.18. MYR Group has a 12-month low of $97.72 and a 12-month high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business's revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the business posted ($0.91) earnings per share. As a group, analysts predict that MYR Group will post 1.16 earnings per share for the current 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.

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