MYR Group (NASDAQ:MYRG) Share Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• MYR Group shares rose above their 50-day moving average, trading as high as $294.19 and last at $291.59, compared with the average of $288.57.
• The company reported quarterly EPS of $3.82, beating the $2.97 consensus, and revenue of $1.26 billion versus $1.16 billion expected; revenue increased 32.5% year over year.
• Analyst views are mixed, with a consensus “Moderate Buy” rating and a $404.20 price target; ratings include one Strong Buy, three Buys, and four Holds.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $288.57 and traded as high as $294.19. MYR Group shares last traded at $291.59, with a volume of 220,925 shares trading hands.

Analysts Set New Price Targets

Several brokerages have weighed in on MYRG. Weiss Ratings cut shares of MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, September 2nd. Robert W. Baird set a $363.00 target price on MYR Group in a report on Thursday, October 29th. The Goldman Sachs Group restated a "neutral" rating and set a $331.00 price target on shares of MYR Group in a research report on Thursday, October 22nd. Jefferies Financial Group raised MYR Group from a "hold" rating to a "buy" rating and reduced their price objective for the stock from $377.00 to $370.00 in a research note on Tuesday, October 6th. Finally, Wall Street Zen cut MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $404.20.

MYR Group Stock Performance

The stock's 50 day simple moving average is $288.57 and its two-hundred day simple moving average is $333.97. The company has a market capitalization of $4.54 billion, a P/E ratio of 23.69 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating the consensus estimate of $2.97 by $0.85. The business had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.16 billion. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. MYR Group's revenue was up 32.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.05 earnings per share. As a group, research analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Kilter Group LLC bought a new stake in shares of MYR Group during the second quarter worth $25,000. Richardson Financial Services Inc. boosted its holdings in MYR Group by 169.7% in the third quarter. Richardson Financial Services Inc. now owns 89 shares of the utilities provider's stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Carolina Wealth Advisors LLC bought a new position in MYR Group in the second quarter valued at about $30,000. Global Retirement Partners LLC bought a new position in MYR Group in the second quarter valued at about $30,000. Finally, Parallel Advisors LLC increased its position in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after purchasing an additional 79 shares during the period. 88.90% of the stock is currently owned by institutional investors.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.

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