KeyCorp Increases MYR Group (NASDAQ:MYRG) Price Target to $205.00

MYR Group (NASDAQ:MYRG - Free Report) had its target price raised by KeyCorp from $172.00 to $205.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the utilities provider's stock.

A number of other research firms have also commented on MYRG. The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and upped their price target for the company from $145.00 to $168.00 in a report on Friday, June 6th. Robert W. Baird upped their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Stifel Nicolaus upped their price target on shares of MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a report on Friday, July 11th. Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $180.00.

MYR Group Trading Up 2.4%

Shares of MYRG traded up $4.38 during mid-day trading on Wednesday, reaching $189.56. The company's stock had a trading volume of 129,007 shares, compared to its average volume of 225,280. The stock has a market cap of $2.94 billion, a PE ratio of 86.95 and a beta of 1.19. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. MYR Group has a 52 week low of $86.60 and a 52 week high of $190.81. The company's fifty day moving average price is $169.83 and its two-hundred day moving average price is $143.76.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The business's quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.12 EPS. On average, analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MYRG. Wellington Management Group LLP purchased a new position in MYR Group during the 4th quarter valued at $60,217,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock valued at $34,215,000 after purchasing an additional 206,369 shares during the period. ACK Asset Management LLC purchased a new position in MYR Group during the 4th quarter valued at $29,754,000. Nuveen LLC purchased a new position in MYR Group during the 1st quarter valued at $18,511,000. Finally, T. Rowe Price Investment Management Inc. increased its position in MYR Group by 42.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after purchasing an additional 159,302 shares during the period. 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.