MYR Group (NASDAQ:MYRG) Receives "Hold (C+)" Rating from Weiss Ratings

Key Points

• MYR Group's stock received a "Hold (C+)" rating from Weiss Ratings, with a consensus rating remaining at "Hold" and an average target price of $194.50.
• Analysts have varied opinions on MYR Group, with two ratings as Buy and five as Hold, while Goldman Sachs raised the price target from $168.00 to $205.00.
• MYR Group shares opened at $207.00, reflecting a 5.2% increase, and the company reported an earnings per share of $1.70, exceeding analysts' expectations.

MYR Group (NASDAQ:MYRG - Get Free Report)'s stock had its "hold (c+)" rating restated by investment analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen cut MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Friday, October 3rd. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. KeyCorp reaffirmed a "sector weight" rating on shares of MYR Group in a research note on Wednesday, October 1st. The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus set a $210.00 price target on MYR Group in a report on Monday, August 4th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, MYR Group currently has a consensus rating of "Hold" and an average target price of $194.50.

MYR Group Stock Up 5.2%

Shares of NASDAQ MYRG opened at $207.00 on Wednesday. The business has a 50-day moving average of $187.26 and a two-hundred day moving average of $165.64. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group has a 1 year low of $97.72 and a 1 year high of $220.01. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of 43.22 and a beta of 1.19.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The business had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. During the same quarter in the previous year, the firm earned ($0.91) earnings per share. The business's revenue was up 8.6% compared to the same quarter last year. On average, analysts forecast 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 stock. SG Americas Securities LLC bought a new stake in MYR Group during the first quarter worth approximately $440,000. Sheets Smith Wealth Management boosted its stake in shares of MYR Group by 4.1% during the 1st quarter. Sheets Smith Wealth Management now owns 9,147 shares of the utilities provider's stock valued at $1,034,000 after buying an additional 358 shares during the period. Illinois Municipal Retirement Fund raised its holdings in shares of MYR Group by 5.4% during the 1st quarter. Illinois Municipal Retirement Fund now owns 8,745 shares of the utilities provider's stock valued at $989,000 after purchasing an additional 447 shares in the last quarter. Peregrine Capital Management LLC raised its holdings in MYR Group by 3.5% in the 1st quarter. Peregrine Capital Management LLC now owns 68,531 shares of the utilities provider's stock worth $7,750,000 after acquiring an additional 2,309 shares during the period. Finally, Townsend & Associates Inc raised its holdings in MYR Group by 20.4% in the 1st quarter. Townsend & Associates Inc now owns 127,824 shares of the utilities provider's stock worth $14,013,000 after acquiring an additional 21,631 shares during the period. Institutional investors and hedge funds own 88.90% of the company's stock.

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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