Stifel Nicolaus Increases MYR Group (NASDAQ:MYRG) Price Target to $204.00

MYR Group (NASDAQ:MYRG) had its target price raised by Stifel Nicolaus from $174.00 to $204.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 11.07% from the company’s previous close.

Several other research firms also recently issued reports on MYRG. Robert W. Baird upped their price objective 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. KeyCorp increased their price objective on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. The Goldman Sachs Group lowered MYR Group from a “buy” rating to a “neutral” rating and increased their price objective for the company from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler increased their price objective on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $171.60.

MYR Group Stock Performance

MYRG stock opened at $183.66 on Friday. MYR Group has a one year low of $86.60 and a one year high of $190.81. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 84.25 and a beta of 1.19. The firm has a 50-day simple moving average of $167.82 and a two-hundred day simple moving average of $142.96.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the prior year, the company posted $1.12 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in MYR Group in the 1st quarter worth approximately $440,000. GAMMA Investing LLC grew its stake in shares of MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock worth $7,802,000 after purchasing an additional 68,430 shares during the period. Victory Capital Management Inc. grew its stake in shares of MYR Group by 2.4% during the 4th quarter. Victory Capital Management Inc. now owns 18,128 shares of the utilities provider’s stock worth $2,697,000 after purchasing an additional 424 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of MYR Group by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider’s stock worth $36,032,000 after purchasing an additional 9,146 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of MYR Group by 219.3% during the 4th quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider’s stock worth $9,502,000 after purchasing an additional 43,865 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.