MYR Group (NASDAQ:MYRG) Hits New 52-Week High - What's Next?

Key Points

• MYR Group hit a new 52-week high of $323.33 on strong volume after reporting a quarterly EPS beat ($2.33 vs. $1.73 est.) and 17.3% year-over-year revenue growth to $973.5M.
• Several analysts raised price targets and ratings (e.g., Cantor Fitzgerald to $311 and Stifel to $305) and two firms upgraded to strong-buy, but the MarketBeat consensus remains a "Moderate Buy" with a much lower target price of $235.43.
• The company shows low leverage (debt-to-equity 0.08), a market cap of $5.02B and a high PE (~42.9), with institutional investors owning about 88.9% of the stock, indicating strong institutional interest despite a premium valuation.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $323.33 and last traded at $323.3350, with a volume of 145358 shares. The stock had previously closed at $319.54.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MYRG shares. Cantor Fitzgerald increased their price target on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a report on Monday, March 2nd. Stifel Nicolaus increased their price target on MYR Group from $262.00 to $305.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. The Goldman Sachs Group increased their price target on MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a report on Tuesday, March 3rd. Clear Str upgraded MYR Group to a "strong-buy" rating in a report on Monday, December 15th. Finally, Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Sunday, December 21st. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.43.

MYR Group Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market capitalization of $5.02 billion, a PE ratio of 42.91 and a beta of 1.07. The stock's 50 day simple moving average is $274.86 and its 200-day simple moving average is $241.46.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million during the quarter, compared to analysts' expectations of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business's quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 EPS. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Farther Finance Advisors LLC boosted its holdings in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 104 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in MYR Group in the third quarter valued at approximately $34,000. Acumen Wealth Advisors LLC purchased a new stake in MYR Group in the fourth quarter valued at approximately $35,000. Signaturefd LLC lifted its stake in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after buying an additional 65 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in MYR Group in the third quarter valued at approximately $47,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Company Profile

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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