MYR Group (NASDAQ:MYRG) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded MYR Group to “strong buy” from “buy.” Other analysts remain broadly positive, giving the stock a consensus “Moderate Buy” rating and an average price target of $451.20.
• MYR Group’s latest quarterly results beat expectations, with earnings per share of $3.17 versus a $2.62 estimate and revenue of $1.08 billion, up 20.1% year over year.
• The stock opened at $334.39, while recent insider activity was negative: two directors sold a combined 18,175 shares at prices near $450 per share. Institutional investors own approximately 88.9% of the company.

MYR Group (NASDAQ:MYRG - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Sunday.

A number of other brokerages also recently commented on MYRG. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research report on Friday, July 17th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a report on Thursday, July 30th. Finally, Oppenheimer restated a "market perform" rating on shares of MYR Group in a research report on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and a consensus price target of $451.20.

MYR Group Trading Up 2.2%

NASDAQ:MYRG opened at $334.39 on Friday. The firm has a market cap of $5.21 billion, a P/E ratio of 31.73 and a beta of 1.34. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock's 50 day simple moving average is $406.09 and its 200-day simple moving average is $355.58. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the company earned $1.70 earnings per share. The company's revenue for the quarter was up 20.1% on a year-over-year basis. Equities analysts anticipate that MYR Group will post 12.43 EPS for the current year.

Insiders Place Their Bets

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director owned 18,631 shares of the company's stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of MYR Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Kilter Group LLC purchased a new position in MYR Group in the second quarter valued at about $25,000. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth approximately $30,000. Global Retirement Partners LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC grew its holdings in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after acquiring an additional 104 shares during the period. Finally, Parallel Advisors LLC grew its holdings in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after acquiring an additional 79 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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