MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Key Points

• The price target for MYR Group has been raised by The Goldman Sachs Group from $168.00 to $205.00, indicating an 11.27% upside potential.
• MYR Group's recent quarterly earnings surpassed estimates, reporting $1.70 earnings per share and $900.33 million in revenue, both higher than analysts' expectations.
• Institutional investors own approximately 88.90% of MYR Group's stock, with significant increases in holdings from various firms during recent quarters.

MYR Group (NASDAQ:MYRG - Get Free Report) had its price target hoisted by research analysts at The Goldman Sachs Group from $168.00 to $205.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the utilities provider's stock. The Goldman Sachs Group's target price points to a potential upside of 11.27% from the stock's current price.

Several other equities analysts also recently issued reports on MYRG. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. KeyCorp upped their price target on MYR Group from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday. Finally, Robert W. Baird increased their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $189.80.

MYR Group Stock Down 0.8%

Shares of MYRG stock traded down $1.48 on Thursday, reaching $184.24. 85,252 shares of the company's stock traded hands, compared to its average volume of 214,106. The business's 50 day moving average price is $179.36 and its two-hundred day moving average price is $148.48. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $2.86 billion, a P/E ratio of 38.55 and a beta of 1.17. MYR Group has a 12-month low of $86.60 and a 12-month high of $220.01.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. purchased a new position in MYR Group during the fourth quarter valued at $1,143,000. Wells Fargo & Company MN lifted its holdings in MYR Group by 219.3% in the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock worth $9,502,000 after purchasing an additional 43,865 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in MYR Group by 33.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider's stock valued at $2,850,000 after acquiring an additional 4,805 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of MYR Group by 73.5% in the fourth quarter. Russell Investments Group Ltd. now owns 73,683 shares of the utilities provider's stock worth $10,962,000 after buying an additional 31,209 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in MYR Group by 52.4% in the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock worth $99,000 after purchasing an additional 229 shares during the last quarter. 88.90% of the stock is owned by 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.

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