MYR Group (NASDAQ:MYRG) Price Target Raised to $204.00

MYR Group (NASDAQ:MYRG - Free Report) had its target price boosted by Stifel Nicolaus from $174.00 to $204.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the utilities provider's stock.

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

MYR Group Price Performance

Shares of MYRG stock traded up $3.39 on Friday, reaching $187.05. The company's stock had a trading volume of 94,328 shares, compared to its average volume of 225,093. The company has a market capitalization of $2.90 billion, a P/E ratio of 85.80 and a beta of 1.19. MYR Group has a 12-month low of $86.60 and a 12-month high of $190.81. The stock's 50 day simple moving average is $167.82 and its 200-day simple moving average is $142.89. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15.

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

Institutional Trading of MYR Group

Several institutional investors have recently added to or reduced their stakes in MYRG. Wellington Management Group LLP purchased a new position in shares of MYR Group in the fourth quarter worth about $60,217,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock worth $34,215,000 after acquiring an additional 206,369 shares during the last quarter. ACK Asset Management LLC purchased a new position in MYR Group in the 4th quarter worth approximately $29,754,000. Nuveen LLC bought a new stake in MYR Group in the first quarter valued at approximately $18,511,000. Finally, T. Rowe Price Investment Management Inc. boosted its stake in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after purchasing an additional 159,302 shares during the period. 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.