MYR Group (NASDAQ:MYRG) Hits New 1-Year High - Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s share price hit a new 52-week high on Thursday . The stock traded as high as $189.36 and last traded at $188.75, with a volume of 201476 shares traded. The stock had previously closed at $183.28.

Analysts Set New Price Targets

A number of equities research analysts have commented on MYRG shares. Stifel Nicolaus reduced their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and increased their price target for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Piper Sandler upped their target price on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $157.00.

MYR Group Stock Up 3.0%

The business has a 50 day simple moving average of $162.88 and a 200 day simple moving average of $141.87. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 86.58 and a beta of 1.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data 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. 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 the consensus estimate of $788.98 million. During the same quarter in the previous year, the business earned $1.12 EPS. The company's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP lifted its holdings in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after buying an additional 179 shares in the last quarter. 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 worth $39,000 after acquiring an additional 165 shares during the period. Smartleaf Asset Management LLC increased its position in shares of MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the period. Versant Capital Management Inc raised its stake in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 210 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd boosted its holdings in MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors 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.