The Goldman Sachs Group Raises MYR Group (NASDAQ:MYRG) Price Target to $205.00

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 objective boosted by equities researchers at The Goldman Sachs Group from $168.00 to $205.00 in a 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 company's previous close.

Several other equities research analysts also recently commented on the stock. Robert W. Baird upped their price objective 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. KeyCorp upped their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Piper Sandler upped their price objective 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. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a report on Monday, August 4th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $189.80.

MYR Group Stock Performance

Shares of NASDAQ:MYRG traded down $0.81 during midday trading on Thursday, reaching $184.24. The company had a trading volume of 223,499 shares, compared to its average volume of 181,248. The company's 50 day moving average price is $180.97 and its 200 day moving average price is $149.05. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market cap of $2.86 billion, a P/E ratio of 38.46 and a beta of 1.17. MYR Group has a 52-week low of $86.60 and a 52-week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, topping analysts' consensus estimates of $1.56 by $0.14. The company had revenue of $900.33 million for the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm's quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.91) EPS. As a group, sell-side analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Franklin Resources Inc. bought a new stake in shares of MYR Group during the fourth quarter valued at about $1,143,000. Wells Fargo & Company MN increased its position in shares of MYR Group by 219.3% during the fourth quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider's stock valued at $9,502,000 after buying an additional 43,865 shares during the period. Envestnet Asset Management Inc. increased its position in shares of 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 buying an additional 4,805 shares during the period. Russell Investments Group Ltd. increased 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 purchasing an additional 31,209 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of 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 currently owned by institutional investors.

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.