MYR Group (NASDAQ:MYRG) Raised to Strong-Buy at Wall Street Zen

MYR Group (NASDAQ:MYRG - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

Other equities analysts also recently issued reports about the stock. Robert W. Baird increased their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. The Goldman Sachs Group cut their price target on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Piper Sandler raised their price target on shares of MYR Group from $124.00 to $138.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Finally, KeyCorp raised their price target on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MYR Group presently has an average rating of "Buy" and an average target price of $152.40.

MYR Group Stock Down 0.5%

Shares of MYRG traded down $0.86 during mid-day trading on Friday, reaching $158.21. The company's stock had a trading volume of 144,238 shares, compared to its average volume of 222,104. The business has a fifty day moving average of $133.19 and a 200 day moving average of $139.47. The company has a market cap of $2.46 billion, a price-to-earnings ratio of 69.09 and a beta of 1.06. MYR Group has a 1 year low of $86.60 and a 1 year high of $168.88. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

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 (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. During the same period last year, the company earned $1.12 earnings per share. MYR Group's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Quarry LP grew its holdings in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after acquiring an additional 179 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in MYR Group during the 4th quarter worth $47,000. Smartleaf Asset Management LLC grew its holdings in MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after acquiring an additional 286 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after acquiring an additional 165 shares during the period. Finally, Versant Capital Management Inc grew its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares during the period. Institutional investors 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.