MYR Group (NASDAQ:MYRG) Price Target Raised to $153.00

MYR Group (NASDAQ:MYRG) had its price objective upped by Piper Sandler from $138.00 to $153.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the utilities provider’s stock.

MYRG has been the subject of several other reports. Stifel Nicolaus reduced their target price on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. KeyCorp lifted their target price on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Finally, Robert W. Baird boosted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $152.40.

MYR Group Trading Up 2.1%

Shares of NASDAQ:MYRG opened at $160.79 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 70.21 and a beta of 1.06. MYR Group has a 1-year low of $86.60 and a 1-year high of $168.88. The company has a 50 day moving average price of $131.96 and a 200 day moving average price of $139.28.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The business had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $1.12 EPS. On average, research analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quarry LP boosted its position in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 179 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 165 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of MYR Group during the fourth quarter worth approximately $47,000. Smartleaf Asset Management LLC boosted its holdings in shares of MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 286 shares during the period. Finally, Versant Capital Management Inc grew its position in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 210 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

About MYR Group

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.