MYR Group Inc. (NASDAQ:MYRG) Receives $170.75 Consensus Price Target from Analysts

Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $173.25.

A number of research analysts recently issued reports on the company. Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Robert W. Baird lowered their price target on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Stifel Nicolaus cut their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Finally, KeyCorp assumed coverage on shares of MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company.

MYR Group Trading Up 5.9 %

NASDAQ MYRG opened at $152.42 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. MYR Group has a one year low of $110.87 and a one year high of $181.02. The company has a 50-day simple moving average of $165.26 and a 200-day simple moving average of $146.93. The firm has a market capitalization of $2.55 billion, a PE ratio of 29.54 and a beta of 1.10.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. The company had revenue of $815.56 million during the quarter, compared to the consensus estimate of $854.13 million. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. MYR Group’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.38 earnings per share. On average, equities analysts forecast that MYR Group will post 6.64 earnings per share for the current year.

Institutional Trading of MYR Group

Institutional investors have recently made changes to their positions in the stock. Capital World Investors acquired a new position in shares of MYR Group during the fourth quarter valued at approximately $20,781,000. Artisan Partners Limited Partnership bought a new position in MYR Group during the 4th quarter valued at $15,659,000. Assenagon Asset Management S.A. increased its position in shares of MYR Group by 85.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the period. Townsend & Associates Inc raised its stake in shares of MYR Group by 89.5% in the 4th quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock worth $13,424,000 after buying an additional 45,173 shares in the last quarter. Finally, Trillium Asset Management LLC acquired a new stake in shares of MYR Group in the third quarter valued at $5,543,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Company Profile

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.