MYR Group (NASDAQ:MYRG) Reaches New 52-Week High - Here's Why

Key Points

• MYR Group (NASDAQ: MYRG) reached a new 52-week high of $221.17, closing at $219.63, with a trading volume of 249,064 shares.
• Analysts have set varying price targets for MYR Group, with a new buy rating and a target increased to $226.00 from Stifel Nicolaus, while Goldman Sachs set a target of $205.00.
• The company's recent earnings report showed a profit of $1.70 per share, surpassing estimates, and an 8.6% year-over-year revenue increase, totaling $900.33 million.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $221.17 and last traded at $219.63, with a volume of 249064 shares. The stock had previously closed at $209.14.

Analysts Set New Price Targets

A number of brokerages recently commented on MYRG. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of MYR Group in a research note on Wednesday, October 8th. The Goldman Sachs Group increased their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. KeyCorp reiterated a "sector weight" rating on shares of MYR Group in a report on Wednesday, October 1st. Jefferies Financial Group assumed coverage on MYR Group in a report on Friday, August 15th. They issued a "hold" rating and a $202.00 price objective for the company. Finally, Stifel Nicolaus increased their price objective on MYR Group from $210.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, October 9th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $194.50.

MYR Group Price Performance

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $191.29 and a two-hundred day moving average price of $172.42. The stock has a market capitalization of $3.41 billion, a P/E ratio of 45.85 and a beta of 1.19.

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

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in MYR Group by 10.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 7,719 shares of the utilities provider's stock worth $1,606,000 after buying an additional 704 shares in the last quarter. SG Americas Securities LLC bought a new stake in MYR Group in the 3rd quarter worth about $1,516,000. Park Avenue Securities LLC bought a new stake in MYR Group in the 3rd quarter worth about $565,000. CWA Asset Management Group LLC bought a new stake in MYR Group in the 3rd quarter worth about $1,506,000. Finally, Townsend & Associates Inc increased its holdings in MYR Group by 1.7% in the 3rd quarter. Townsend & Associates Inc now owns 114,802 shares of the utilities provider's stock worth $23,881,000 after buying an additional 1,912 shares in the last quarter. 88.90% of the stock is currently owned by 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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