MYR Group (NASDAQ:MYRG) Price Target Increased to $110.00 by Analysts at Stifel Nicolaus

MYR Group (NASDAQ:MYRG – Get Rating) had its price target raised by Stifel Nicolaus from $101.00 to $110.00 in a report released on Tuesday, The Fly reports.

Separately, StockNews.com upgraded shares of MYR Group from a hold rating to a buy rating in a research report on Friday, July 29th.

MYR Group Price Performance

Shares of MYRG stock opened at $95.21 on Tuesday. The firm has a market cap of $1.59 billion, a P/E ratio of 19.39 and a beta of 1.10. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.39 and a quick ratio of 1.39. MYR Group has a 1-year low of $74.77 and a 1-year high of $121.22. The firm has a fifty day moving average of $89.12 and a two-hundred day moving average of $90.32.

MYR Group (NASDAQ:MYRG – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The utilities provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.05. MYR Group had a net margin of 3.24% and a return on equity of 16.18%. The company had revenue of $708.11 million during the quarter, compared to analyst estimates of $681.15 million. During the same period last year, the business earned $1.24 EPS. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. As a group, research analysts anticipate that MYR Group will post 5.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its position in MYR Group by 2.7% in the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock valued at $274,868,000 after purchasing an additional 77,662 shares during the last quarter. Vanguard Group Inc. lifted its position in MYR Group by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 1,187,026 shares of the utilities provider’s stock valued at $111,628,000 after purchasing an additional 37,984 shares during the last quarter. Neumeier Poma Investment Counsel LLC lifted its position in MYR Group by 2.1% in the 1st quarter. Neumeier Poma Investment Counsel LLC now owns 637,934 shares of the utilities provider’s stock valued at $59,991,000 after purchasing an additional 12,849 shares during the last quarter. Principal Financial Group Inc. lifted its position in MYR Group by 9.2% in the 1st quarter. Principal Financial Group Inc. now owns 562,180 shares of the utilities provider’s stock valued at $52,867,000 after purchasing an additional 47,353 shares during the last quarter. Finally, State Street Corp lifted its position in MYR Group by 4.1% in the 1st quarter. State Street Corp now owns 534,855 shares of the utilities provider’s stock valued at $50,298,000 after purchasing an additional 20,971 shares during the last quarter. 86.17% of the stock is currently owned by institutional investors.

About MYR Group

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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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

Further Reading

• Get a free copy of the StockNews.com research report on MYR Group (MYRG)
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