MYR Group (NASDAQ:MYRG) Hits New 12-Month High - Here's Why

Key Points

• MYR Group hit a new 52-week high, trading as high as $345.00 and last around $338.75 on Monday with roughly 174,601 shares changing hands, giving it a market cap near $5.3 billion.
• Quarterly results beat expectations: MYR reported $2.33 EPS versus $1.73 expected and revenue of $973.5M (up 17.3% year‑over‑year) versus $897.7M expected, and analysts forecast about 9.23 EPS for the current year.
• Analyst and institutional sentiment is broadly positive: MarketBeat shows a consensus "Moderate Buy" (consensus target $242) with recent firm price targets ranging up to $351 and a ratings mix of 2 Strong Buy, 4 Buy and 4 Hold, while ~88.9% of shares are held by institutions.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $345.00 and last traded at $338.7510, with a volume of 174601 shares traded. The stock had previously closed at $339.28.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MYRG shares. Stifel Nicolaus set a $351.00 target price on MYR Group in a research report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research report on Tuesday, April 21st. Cantor Fitzgerald boosted their target price on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price objective on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $242.00.

MYR Group Trading Up 0.6%

The stock has a market cap of $5.30 billion, a PE ratio of 45.41 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a fifty day moving average price of $286.41 and a 200 day moving average price of $249.51.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm had revenue of $973.54 million during the quarter, compared to analysts' expectations of $897.73 million. During the same quarter in the previous year, the business earned $0.99 EPS. The company's quarterly revenue was up 17.3% on a year-over-year basis. Equities analysts expect that MYR Group, Inc. will post 9.23 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC raised its holdings in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares during the period. Acumen Wealth Advisors LLC bought a new stake in MYR Group during the 4th quarter valued at $35,000. Signaturefd LLC lifted its holdings in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after buying an additional 65 shares during the period. Salomon & Ludwin LLC purchased a new stake in shares of MYR Group in the 3rd quarter worth $34,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock worth $48,000 after buying an additional 160 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 NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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