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

Key Points

• Shares hit a new 52-week high — MYR Group traded as high as $310.22 (last at $300.72) on Wednesday, with a market capitalization of about $4.68 billion and a PE ratio of 40.07.
• Analyst sentiment has turned bullish — several firms (Weiss, Zacks, Cantor Fitzgerald, Stifel, Clear Street) upgraded ratings or raised targets (Cantor at $311), though the MarketBeat consensus is a "Moderate Buy" with a $235.43 price target.
• Strong quarterly results — MYR reported $2.33 EPS vs. $1.73 expected and revenue of $973.5M vs. $897.7M expected (revenue up 17.3% YoY), along with a 19.66% ROE and low debt-to-equity of 0.08.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $310.22 and last traded at $300.7160, with a volume of 58634 shares. The stock had previously closed at $288.85.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Weiss Ratings raised MYR Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 22nd. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald increased their target price on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Clear Str raised MYR Group to a "strong-buy" rating in a research note on Monday, December 15th. Finally, Stifel Nicolaus increased their target price on MYR Group from $262.00 to $305.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $235.43.

MYR Group Stock Performance

The stock has a market capitalization of $4.68 billion, a PE ratio of 40.07 and a beta of 1.07. The business has a 50 day moving average price of $270.07 and a 200 day moving average price of $237.96. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm had revenue of $973.54 million for the quarter, compared to analysts' expectations of $897.73 million. During the same period in the prior year, the firm posted $0.99 earnings per share. The company's quarterly revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its holdings in shares of MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider's stock valued at $86,000 after purchasing an additional 47 shares in the last quarter. Bank of Montreal Can lifted its holdings in shares of MYR Group by 0.8% during the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider's stock valued at $1,319,000 after purchasing an additional 50 shares in the last quarter. Inspire Investing LLC lifted its holdings in shares of MYR Group by 2.6% during the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider's stock valued at $457,000 after purchasing an additional 56 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of MYR Group by 0.7% during the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider's stock valued at $1,869,000 after purchasing an additional 61 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider's stock valued at $620,000 after acquiring an additional 62 shares during the period. 88.90% of the stock is owned by institutional investors.

About MYR Group

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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