MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, KeyCorp Analyst Says

MYR Group (NASDAQ:MYRG) had its price objective lifted by equities research analysts at KeyCorp from $172.00 to $205.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the utilities provider’s stock. KeyCorp’s price objective would suggest a potential upside of 6.75% from the company’s previous close.

Several other research analysts also recently weighed in on the company. The Goldman Sachs Group downgraded MYR Group from a “buy” rating to a “neutral” rating and upped their target price for the stock from $145.00 to $168.00 in a research note on Friday, June 6th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Robert W. Baird increased their price target on MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Piper Sandler raised their target price on MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Finally, Stifel Nicolaus lifted their price target on MYR Group from $174.00 to $204.00 and gave the stock a “buy” rating in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $180.00.

MYR Group Stock Up 1.3%

NASDAQ:MYRG opened at $192.03 on Wednesday. MYR Group has a twelve month low of $86.60 and a twelve month high of $194.95. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 88.09 and a beta of 1.19. The stock has a fifty day simple moving average of $170.57 and a 200-day simple moving average of $144.06. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted its earnings results 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 return on equity of 5.84% and a net margin of 1.02%. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Captrust Financial Advisors grew its holdings in shares of MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider’s stock worth $1,267,000 after acquiring an additional 75 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its position in shares of MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after purchasing an additional 101 shares during the last quarter. Baird Financial Group Inc. increased its stake in MYR Group by 3.8% during the first quarter. Baird Financial Group Inc. now owns 2,974 shares of the utilities provider’s stock valued at $336,000 after acquiring an additional 108 shares during the period. UMB Bank n.a. grew its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 141 shares during the period. Finally, US Bancorp DE grew its stake in shares of MYR Group by 2.4% in the 1st quarter. US Bancorp DE now owns 6,261 shares of the utilities provider’s stock valued at $708,000 after purchasing an additional 144 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.