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

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five brokerages that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $180.00.

A number of brokerages have commented on MYRG. The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and boosted their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. 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. 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. KeyCorp upped their price target on MYR Group from $172.00 to $205.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Stifel Nicolaus upped their price target on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th.

Institutional Trading of MYR Group

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in MYR Group during the 1st quarter valued at approximately $440,000. GAMMA Investing LLC boosted its stake in MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock valued at $7,802,000 after purchasing an additional 68,430 shares during the period. Wells Fargo & Company MN boosted its stake in MYR Group by 219.3% during the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock valued at $9,502,000 after purchasing an additional 43,865 shares during the period. ProShare Advisors LLC boosted its stake in MYR Group by 41.0% during the 4th quarter. ProShare Advisors LLC now owns 4,826 shares of the utilities provider's stock valued at $718,000 after purchasing an additional 1,404 shares during the period. Finally, Deutsche Bank AG boosted its stake in MYR Group by 187.3% during the 4th quarter. Deutsche Bank AG now owns 28,884 shares of the utilities provider's stock valued at $4,297,000 after purchasing an additional 18,831 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Stock Up 1.3%

NASDAQ MYRG traded up $2.47 on Thursday, reaching $192.03. The stock had a trading volume of 114,055 shares, compared to its average volume of 225,169. The business has a 50 day moving average price of $169.83 and a 200 day moving average price of $143.76. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. MYR Group has a 1 year low of $86.60 and a 1 year high of $193.58. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 88.09 and a beta of 1.19.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating 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 firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the previous year, the company posted $1.12 earnings per share. The business's quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts forecast that MYR Group will post 1.16 EPS for the current fiscal 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.