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

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) has been assigned an average rating of "Moderate Buy" from the five research firms that are covering the stock, Marketbeat Ratings reports. Two investment 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 brokerages that have updated their coverage on the stock in the last year is $180.00.

MYRG has been the topic of several analyst reports. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Stifel Nicolaus boosted their price objective on MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. KeyCorp upped their target price on MYR Group from $172.00 to $205.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Piper Sandler boosted their price target on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th.

MYR Group Stock Down 0.0%

MYRG stock traded down $0.09 during midday trading on Thursday, hitting $191.94. The stock had a trading volume of 96,106 shares, compared to its average volume of 225,263. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 88.05 and a beta of 1.19. The business has a 50-day moving average of $171.30 and a two-hundred day moving average of $144.32. MYR Group has a 52-week low of $86.60 and a 52-week high of $194.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. The business 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 company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 EPS. As a group, equities research analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently modified their holdings of the business. T. Rowe Price Investment Management Inc. lifted its stake in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares in the last quarter. Millennium Management LLC increased its holdings 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 purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP increased its holdings in MYR Group by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after purchasing an additional 47,445 shares during the last quarter. American Century Companies Inc. grew its stake in shares of MYR Group by 38.2% in the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after acquiring an additional 91,644 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in shares of MYR Group by 19.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after acquiring an additional 53,496 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.