MYR Group (NASDAQ:MYRG) Now Covered by Jefferies Financial Group

Key Points

• Jefferies Financial Group has initiated coverage on MYR Group (NASDAQ:MYRG) with a "hold" rating and a price target of $202.00, suggesting an upside potential of 11.27% from its previous close.
• The stock has received mixed ratings from various analysts, with three holding, three buying, and one strong buy rating, leading to an overall consensus rating of "Moderate Buy".
• MYR Group reported strong quarterly earnings, with $1.70 EPS surpassing estimates, and an 8.6% year-over-year revenue increase to $900.33 million.

Analysts at Jefferies Financial Group began coverage on shares of MYR Group (NASDAQ:MYRG - Get Free Report) in a research report issued on Friday,Benzinga reports. The firm set a "hold" rating and a $202.00 price target on the utilities provider's stock. Jefferies Financial Group's price target points to a potential upside of 11.27% from the company's previous close.

Other equities research analysts have also issued reports about the stock. 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. Piper Sandler lifted their price target 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 lifted their price target on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Stifel Nicolaus set a $210.00 price target on shares of MYR Group in a research note on Monday, August 4th. Finally, KeyCorp lifted their price target on shares of MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Trading Down 2.7%

Shares of MYR Group stock opened at $181.54 on Friday. MYR Group has a 1 year low of $86.60 and a 1 year high of $220.01. The firm has a market cap of $2.82 billion, a PE ratio of 37.90 and a beta of 1.17. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company has a 50 day simple moving average of $182.45 and a two-hundred day simple moving average of $149.91.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The business had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same period in the previous year, the business posted ($0.91) earnings per share. MYR Group's revenue for the quarter was up 8.6% on a year-over-year basis. Analysts expect that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Maseco LLP purchased a new position in shares of MYR Group in the second quarter worth $28,000. Quarry LP increased its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after buying an additional 179 shares during the period. MAI Capital Management increased its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider's stock worth $33,000 after buying an additional 56 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group in the second quarter worth $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group in the second quarter worth $34,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.

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