MYR Group (NASDAQ:MYRG) Reaches New 1-Year High - Should You Buy?

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $197.00 and last traded at $195.45, with a volume of 195034 shares. The stock had previously closed at $190.61.

Analysts Set New Price Targets

MYRG has been the subject of a number of research analyst reports. KeyCorp increased their price objective on shares of MYR Group from $172.00 to $205.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Robert W. Baird raised their price target on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Stifel Nicolaus raised their target price on MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a report on Friday, July 11th. Finally, The Goldman Sachs Group cut MYR Group from a "buy" rating to a "neutral" rating and raised their target price for the company from $145.00 to $168.00 in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $180.00.

MYR Group Price Performance

The stock's fifty day moving average price is $172.33 and its 200-day moving average price is $144.84. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $3.03 billion, a PE ratio of 89.61 and a beta of 1.19.

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, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The business had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. During the same quarter last year, the business posted $1.12 earnings per share. The business's revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several institutional investors have recently made changes to their positions in MYRG. Maseco LLP purchased a new position in shares of MYR Group during the 2nd quarter valued at approximately $28,000. Quarry LP boosted its stake in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock valued at $31,000 after acquiring an additional 179 shares during the last quarter. UMB Bank n.a. lifted its position in shares of MYR Group by 266.0% during the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider's stock worth $35,000 after purchasing an additional 141 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in MYR Group by 92.7% during the 1st 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 during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after buying an additional 210 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other 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.

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