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

Key Points

• MYR Group, Inc. has received a consensus rating of "Moderate Buy" from six research firms, with three analysts recommending a hold and three suggesting a buy.
• The average twelve-month price target for MYR Group's stock among brokerages is $191.83, with notable price targets set by firms such as Stifel Nicolaus at $210 and Goldman Sachs at $205.
• MYR Group reported $1.70 EPS for its latest quarter, surpassing analyst expectations and demonstrating an 8.6% year-over-year revenue growth.

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

Several analysts recently commented on the stock. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday, August 4th. KeyCorp increased their target price on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group raised their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Jefferies Financial Group assumed coverage on MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price objective for the company. Finally, Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently made changes to their positions in the company. Bank of Montreal Can raised its holdings in shares of MYR Group by 1.4% during the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider's stock valued at $742,000 after acquiring an additional 56 shares during the period. MAI Capital Management raised its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 56 shares during the period. Captrust Financial Advisors raised its holdings in shares of MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after acquiring an additional 75 shares during the period. Linden Thomas Advisory Services LLC increased its stake in MYR Group by 0.7% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider's stock valued at $2,056,000 after buying an additional 75 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of MYR Group by 4.8% during the second quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider's stock worth $298,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Price Performance

Shares of MYRG stock traded up $3.12 during midday trading on Friday, reaching $177.70. 27,702 shares of the company were exchanged, compared to its average volume of 209,645. MYR Group has a 12 month low of $88.41 and a 12 month high of $220.01. The company has a market cap of $2.76 billion, a P/E ratio of 37.13 and a beta of 1.18. The company's 50 day moving average price is $186.93 and its two-hundred day moving average price is $155.64. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. During the same period in the previous year, the firm earned ($0.91) EPS. MYR Group's revenue was up 8.6% on a year-over-year basis. On average, sell-side analysts expect 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.