KeyCorp Issues Positive Forecast for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG - Free Report) had its price objective boosted by KeyCorp from $172.00 to $205.00 in a research note issued to investors on Wednesday morning,Benzinga reports. KeyCorp currently has an overweight rating on the utilities provider's stock.

A number of other brokerages have also recently weighed in on MYRG. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Robert W. Baird lifted their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Stifel Nicolaus lifted 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. Piper Sandler lifted their target price on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Finally, The Goldman Sachs Group lowered MYR Group from a "buy" rating to a "neutral" rating and lifted their target price for the company from $145.00 to $168.00 in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $180.00.

MYR Group Price Performance

Shares of NASDAQ MYRG traded down $0.09 during midday trading on Wednesday, hitting $191.94. The stock had a trading volume of 96,106 shares, compared to its average volume of 225,263. MYR Group has a 1 year low of $86.60 and a 1 year high of $194.95. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.98 billion, a PE ratio of 88.05 and a beta of 1.19. The stock has a 50 day simple moving average of $171.30 and a 200-day simple moving average of $144.32.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 earnings per share. On average, sell-side analysts expect that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in shares of MYR Group during the 1st quarter worth $440,000. GAMMA Investing LLC increased its holdings in shares of MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after buying an additional 68,430 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of MYR Group by 219.3% during the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock worth $9,502,000 after buying an additional 43,865 shares during the last quarter. ProShare Advisors LLC increased its holdings in shares of MYR Group by 41.0% during the 4th quarter. ProShare Advisors LLC now owns 4,826 shares of the utilities provider's stock worth $718,000 after buying an additional 1,404 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of MYR Group by 187.3% during the 4th quarter. Deutsche Bank AG now owns 28,884 shares of the utilities provider's stock worth $4,297,000 after buying an additional 18,831 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

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.