MYR Group's (MYRG) Market Perform Rating Reaffirmed at Oppenheimer

Key Points

• Oppenheimer reaffirmed its “market perform” rating on MYR Group, while the broader analyst view remains Moderate Buy with an average price target of $358.17.
• MYR Group reported strong quarterly results, posting $2.99 EPS versus the expected $2.09 and $1.0 billion in revenue versus the $932.45 million estimate, with revenue up 20% year over year.
• Two directors sold shares on June 3, including large sales by Kenneth Michael Hartwick and Donald C.I. Lucky, even as institutional investors continue to hold the vast majority of the stock.

MYR Group (NASDAQ:MYRG - Get Free Report)'s stock had its "market perform" rating restated by equities research analysts at Oppenheimer in a research note issued to investors on Thursday,Benzinga reports.

Several other equities research analysts have also recently weighed in on MYRG. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. The Goldman Sachs Group increased their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research note on Tuesday, March 3rd. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Cantor Fitzgerald raised their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $358.17.

MYR Group Stock Down 3.8%

NASDAQ MYRG opened at $407.22 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a 50-day simple moving average of $390.46 and a 200 day simple moving average of $297.69. MYR Group has a twelve month low of $158.48 and a twelve month high of $484.71. The stock has a market cap of $6.34 billion, a PE ratio of 44.90 and a beta of 1.32.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $932.45 million. During the same quarter last year, the company earned $1.45 earnings per share. The firm's revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that MYR Group will post 10.59 EPS for the current year.

Insider Transactions at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction that occurred 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 directly owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

Institutional Trading of MYR Group

Several hedge funds have recently modified their holdings of MYRG. Wellington Management Group LLP increased its holdings in shares of MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock worth $223,153,000 after buying an additional 396,502 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of MYR Group during the fourth quarter worth approximately $47,012,000. Vanguard Group Inc. increased its holdings in shares of MYR Group by 14.7% during the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider's stock worth $254,897,000 after buying an additional 157,157 shares in the last quarter. Invesco Ltd. increased its holdings in shares of MYR Group by 59.9% during the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider's stock worth $51,058,000 after buying an additional 91,923 shares in the last quarter. Finally, Squarepoint Ops LLC increased its holdings in shares of MYR Group by 274.9% during the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider's stock worth $25,262,000 after buying an additional 89,044 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

About MYR Group

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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