MYR Group (NASDAQ:MYRG) Sets New 1-Year High - Here's Why

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $173.78 and last traded at $173.33, with a volume of 134910 shares trading hands. The stock had previously closed at $169.34.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MYRG shares. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. KeyCorp boosted their price objective on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Finally, Robert W. Baird boosted their target price on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $157.00.

MYR Group Stock Performance

The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 83.77 and a beta of 1.17. 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 has a fifty day moving average price of $156.09 and a 200-day moving average price of $141.32.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. ANTIPODES PARTNERS Ltd grew its holdings in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares during the period. Captrust Financial Advisors grew its holdings in MYR Group by 0.9% during the fourth quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after acquiring an additional 75 shares during the period. Baird Financial Group Inc. grew its holdings in MYR Group by 3.8% during the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider's stock worth $336,000 after acquiring an additional 108 shares during the period. US Bancorp DE grew its holdings in MYR Group by 2.4% during the first quarter. US Bancorp DE now owns 6,261 shares of the utilities provider's stock worth $708,000 after acquiring an additional 144 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in 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 worth $39,000 after acquiring an additional 165 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

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.