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.

Stock analysts at Jefferies Financial Group assumed coverage on shares of MYR Group (NASDAQ:MYRG - Get Free Report) in a research note issued on Friday, Marketbeat Ratings reports. The firm set a "hold" rating and a $202.00 price target on the utilities provider's stock. Jefferies Financial Group's price objective indicates a potential upside of 12.09% from the company's current price.

MYRG has been the topic of several other research reports. Robert W. Baird raised their price target 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. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Piper Sandler increased their price target on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. KeyCorp boosted their price objective on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group upped their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, MYR Group currently has an average rating of "Moderate Buy" and an average target price of $191.83.

MYR Group Trading Down 0.8%

Shares of MYRG traded down $1.4750 during trading hours on Friday, hitting $180.2150. The stock had a trading volume of 43,368 shares, compared to its average volume of 213,877. MYR Group has a 12-month low of $86.60 and a 12-month high of $220.01. The firm has a market cap of $2.80 billion, a P/E ratio of 37.66 and a beta of 1.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The company's fifty day simple moving average is $183.47 and its 200 day simple moving average is $150.81.

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

Hedge Funds Weigh In On MYR Group

Several institutional investors have recently made changes to their positions in MYRG. Bank of Montreal Can grew its holdings in MYR Group by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider's stock worth $742,000 after buying an additional 56 shares in the last quarter. MAI Capital Management lifted its holdings in 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 purchasing an additional 56 shares during the period. Captrust Financial Advisors grew its position in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock valued at $1,267,000 after buying an additional 75 shares in the last quarter. Linden Thomas Advisory Services LLC increased its stake in MYR Group by 0.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider's stock valued at $2,056,000 after buying an additional 75 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of MYR Group by 4.8% in the second quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider's stock valued at $298,000 after acquiring an additional 75 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.