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

Key Points

• Moderate Buy consensus from 10 analysts (4 hold, 4 buy, 2 strong buy) with an average 12‑month price target of $242.00.
• MYR significantly beat the quarter: EPS $2.33 vs. $1.73 expected and revenue $973.5M vs. $897.7M expected, a 17.3% year‑over‑year revenue increase.
• Shares are trading near a 12‑month high (opened $329.33; 12‑month high $331.28) with a $5.12B market cap, P/E of 43.74 and ~88.9% institutional ownership.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) has earned an average rating of "Moderate Buy" from the ten ratings firms that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $242.00.

Several equities research analysts have commented on the stock. Zacks Research raised shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, January 22nd. The Goldman Sachs Group increased their price target on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $351.00 price target on MYR Group in a research report on Thursday.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its stake in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in MYR Group in the 3rd quarter valued at about $34,000. Acumen Wealth Advisors LLC bought a new position in MYR Group during the fourth quarter worth about $35,000. Signaturefd LLC grew its holdings in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after purchasing an additional 65 shares during the period. Finally, First Horizon Corp acquired a new position in MYR Group during the third quarter worth approximately $47,000. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Up 4.5%

NASDAQ:MYRG opened at $329.33 on Friday. The company has a market cap of $5.12 billion, a P/E ratio of 43.74 and a beta of 1.07. MYR Group has a twelve month low of $106.52 and a twelve month high of $331.28. The business has a 50 day moving average price of $279.92 and a two-hundred day moving average price of $244.23. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. During the same period last year, the company earned $0.99 earnings per share. The firm's revenue was up 17.3% compared to the same quarter last year. As a group, analysts expect that MYR Group will post 1.16 EPS for the current fiscal year.

About MYR Group

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.