Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Price Target at $180.00

MYR Group, Inc. (NASDAQ:MYRG) has received a consensus recommendation of “Moderate Buy” from the five analysts that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $180.00.

Several brokerages have issued reports on MYRG. Piper Sandler raised their price objective on shares of MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 27th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. The Goldman Sachs Group downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $145.00 to $168.00 in a research report on Friday, June 6th. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Finally, KeyCorp boosted their price objective on shares of MYR Group from $172.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $191.94 on Thursday. The business has a 50-day moving average of $171.30 and a two-hundred day moving average of $144.32. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $194.95. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market capitalization of $2.98 billion, a P/E ratio of 88.05 and a beta of 1.19.

MYR Group (NASDAQ:MYRG) last issued 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 net margin of 1.02% and a return on equity of 5.84%. The business had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. During the same period last year, the business posted $1.12 EPS. MYR Group’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Institutional investors have recently bought and sold shares of the company. Maseco LLP bought a new position in shares of MYR Group during the 2nd quarter worth about $28,000. Quarry LP boosted its position in shares of 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 purchasing an additional 179 shares in the last quarter. UMB Bank n.a. raised its holdings 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 worth $35,000 after acquiring an additional 141 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 165 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 210 shares in the last quarter. Institutional investors 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.