MYR Group (NASDAQ:MYRG) Hits New 52-Week High After Analyst Upgrade

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday after KeyCorp raised their price target on the stock from $172.00 to $205.00. KeyCorp currently has an overweight rating on the stock. MYR Group traded as high as $194.95 and last traded at $191.58, with a volume of 11738 shares changing hands. The stock had previously closed at $189.56.

MYRG has been the topic of several other research reports. Piper Sandler increased their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. Robert W. Baird increased their price objective 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. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, Stifel Nicolaus upped their target price on shares of MYR Group from $174.00 to $204.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $180.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Maseco LLP bought a new position in shares of MYR Group in the second quarter valued at approximately $28,000. Quarry LP boosted its holdings in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 179 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of MYR Group by 266.0% in the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 141 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted 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 buying an additional 165 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Up 1.5%

The stock has a market capitalization of $2.99 billion, a P/E ratio of 88.16 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. The stock's fifty day moving average is $169.83 and its two-hundred day moving average is $143.76.

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

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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