MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, Piper Sandler Analyst Says

MYR Group (NASDAQ:MYRG - Get Free Report) had its target price upped by equities research analysts at Piper Sandler from $124.00 to $138.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the utilities provider's stock. Piper Sandler's price target suggests a potential downside of 11.11% from the company's current price.

Other analysts have also recently issued reports about the stock. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. KeyCorp upped their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Finally, The Goldman Sachs Group dropped their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.40.

MYR Group Trading Up 0.1 %

NASDAQ MYRG traded up $0.20 during mid-day trading on Monday, reaching $155.25. 194,196 shares of the stock were exchanged, compared to its average volume of 215,632. The business's fifty day simple moving average is $121.52 and its 200 day simple moving average is $136.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market capitalization of $2.41 billion, a PE ratio of 67.80 and a beta of 1.06. MYR Group has a 1-year low of $86.60 and a 1-year high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. The business had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.12 earnings per share. On average, research analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently modified their holdings of the stock. MCF Advisors LLC grew its position in MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in MYR Group during the 4th quarter valued at $47,000. Smartleaf Asset Management LLC increased its stake in MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after buying an additional 286 shares during the period. Versant Capital Management Inc lifted its holdings in MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after buying an additional 118 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.