MYR Group (NASDAQ:MYRG) Given New $153.00 Price Target at Piper Sandler

MYR Group (NASDAQ:MYRG - Free Report) had its price target hoisted by Piper Sandler from $138.00 to $153.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the utilities provider's stock.

A number of other equities research analysts also recently weighed in on MYRG. Stifel Nicolaus dropped their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. The Goldman Sachs Group dropped their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Finally, KeyCorp increased their price target on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $152.40.

MYR Group Stock Down 0.1%

Shares of NASDAQ MYRG traded down $0.23 during trading hours on Tuesday, hitting $158.85. The company had a trading volume of 10,504 shares, compared to its average volume of 220,982. The stock has a market capitalization of $2.47 billion, a P/E ratio of 69.36 and a beta of 1.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 1-year low of $86.60 and a 1-year high of $168.88. The firm's 50 day moving average is $132.60 and its 200-day moving average is $139.42.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly 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. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. 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 earnings per share. The business's revenue was up 2.2% compared to the same quarter last year. On average, 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 business. Allspring Global Investments Holdings LLC raised its position in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock worth $8,045,000 after acquiring an additional 23,760 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider's stock worth $35,517,000 after acquiring an additional 26,205 shares in the last quarter. Truist Financial Corp increased its position in MYR Group by 51.1% in the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock valued at $506,000 after buying an additional 1,150 shares in the last quarter. Moody Aldrich Partners LLC bought a new stake in MYR Group in the 4th quarter valued at about $3,952,000. Finally, KBC Group NV increased its position in MYR Group by 56.8% in the 4th quarter. KBC Group NV now owns 737 shares of the utilities provider's stock valued at $110,000 after buying an additional 267 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.