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

MYR Group Inc. (NASDAQ:MYRG) has received an average rating of “Moderate Buy” from the five research firms that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $173.25.

Several analysts have weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. KeyCorp started coverage on shares of MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Sidoti downgraded MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a research report on Monday, February 26th. Finally, Robert W. Baird dropped their price objective on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday.

MYR Group Stock Down 5.3 %

MYR Group stock opened at $143.92 on Thursday. The company’s 50-day moving average price is $165.49 and its two-hundred day moving average price is $146.70. The company has a quick ratio of 1.37, a current ratio of 1.40 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2.41 billion, a P/E ratio of 27.89 and a beta of 1.10. MYR Group has a twelve month low of $110.87 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. During the same period in the prior year, the firm posted $1.38 EPS. The company’s revenue for the quarter was up .5% on a year-over-year basis. As a group, analysts expect that MYR Group will post 6.64 EPS for the current year.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Linden Thomas Advisory Services LLC raised its position in shares of MYR Group by 4.6% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 11,300 shares of the utilities provider’s stock valued at $1,634,000 after buying an additional 493 shares in the last quarter. Mitchell Capital Management Co. raised its position in shares of MYR Group by 0.6% in the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock valued at $4,532,000 after buying an additional 199 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of MYR Group in the 4th quarter valued at approximately $62,000. Qube Research & Technologies Ltd raised its position in shares of MYR Group by 52.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider’s stock valued at $2,642,000 after buying an additional 6,766 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of MYR Group by 85.8% in 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 buying an additional 50,848 shares in the last quarter. 88.90% of the stock is currently 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.