MYR Group (NASDAQ:MYRG) Given New $138.00 Price Target at Piper Sandler

MYR Group (NASDAQ:MYRG - Get Free Report) had its price target increased by research analysts at Piper Sandler from $124.00 to $138.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the utilities provider's stock. Piper Sandler's price objective would suggest a potential downside of 10.58% from the stock's previous close.

Several other brokerages have also weighed in on MYRG. Stifel Nicolaus cut their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group cut their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. KeyCorp lifted their price objective on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Robert W. Baird raised their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $149.40.

MYR Group Price Performance

Shares of MYRG traded down $0.25 during mid-day trading on Monday, hitting $154.33. 113,948 shares of the company traded hands, compared to its average volume of 213,472. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average of $118.30 and a 200 day moving average of $135.57. MYR Group has a one year low of $86.60 and a one year high of $168.88. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 67.40 and a beta of 1.07.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating 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 firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.12 earnings per share. As a group, equities analysts expect 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 hedge funds have recently modified their holdings of MYRG. T. Rowe Price Investment Management Inc. increased its stake in MYR Group by 42.1% during 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 position in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after acquiring an additional 128,159 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of MYR Group during the fourth quarter worth $60,217,000. Finally, American Century Companies Inc. lifted its position in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after acquiring an additional 91,644 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

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.

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