Piper Sandler Issues Positive Forecast for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG) had its price objective raised by Piper Sandler from $138.00 to $153.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

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

MYR Group Stock Performance

Shares of MYRG opened at $160.79 on Tuesday. The stock has a market capitalization of $2.50 billion, a PE ratio of 70.21 and a beta of 1.06. The business’s fifty day moving average price is $131.96 and its 200 day moving average price is $139.28. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a 12-month low of $86.60 and a 12-month high of $168.88.

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

Institutional Investors Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC grew its position in MYR Group by 192.2% in the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock valued at $3,578,000 after buying an additional 23,013 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of MYR Group by 66.7% in the 4th quarter. Fifth Third Bancorp now owns 4,031 shares of the utilities provider’s stock worth $600,000 after acquiring an additional 1,613 shares during the period. KBC Group NV boosted its holdings in shares of MYR Group by 56.8% in the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock valued at $110,000 after acquiring an additional 267 shares in the last quarter. Moody Aldrich Partners LLC acquired a new position in shares of MYR Group during the fourth quarter valued at approximately $3,952,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in MYR Group by 77.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock worth $8,045,000 after purchasing an additional 23,760 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

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.