MYR Group (NASDAQ:MYRG) Given New $204.00 Price Target at Stifel Nicolaus

MYR Group (NASDAQ:MYRG - Get Free Report) had its price target hoisted by analysts at Stifel Nicolaus from $174.00 to $204.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the utilities provider's stock. Stifel Nicolaus' price objective suggests a potential upside of 10.64% from the company's previous close.

Several other analysts have also commented on MYRG. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. KeyCorp raised their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Robert W. Baird raised their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Piper Sandler raised their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Finally, The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and lifted their target price for the company from $145.00 to $168.00 in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $171.60.

MYR Group Trading Up 1.0%

Shares of MYR Group stock traded up $1.87 during trading on Friday, reaching $184.38. 10,718 shares of the stock were exchanged, compared to its average volume of 224,765. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15. The stock's fifty day moving average is $167.24 and its 200 day moving average is $142.81. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 84.58 and a beta of 1.19. MYR Group has a 1 year low of $86.60 and a 1 year high of $190.81.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The business had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. During the same period last year, the business posted $1.12 earnings per share. MYR Group's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group will post 1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Several large investors have recently made changes to their positions in the business. Captrust Financial Advisors lifted 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 purchasing an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its position in shares of MYR Group by 16.3% during the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after acquiring an additional 101 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of MYR Group by 3.8% during the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock valued at $336,000 after acquiring an additional 108 shares in the last quarter. US Bancorp DE increased its position in shares of MYR Group by 2.4% during the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock valued at $708,000 after acquiring an additional 144 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of MYR Group by 92.7% during the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 165 shares in 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.

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