MYR Group (NASDAQ:MYRG) Price Target Raised to $211.00

MYR Group (NASDAQ:MYRG) had its target price increased by KeyCorp from $205.00 to $211.00 in a research note published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

Other research analysts also recently issued reports about the company. Piper Sandler boosted their price objective on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. The Goldman Sachs Group lowered shares of MYR Group from a “buy” rating to a “neutral” rating and upped their price target for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Robert W. Baird lifted their target price on shares of MYR Group from $159.00 to $170.00 and gave the company an “outperform” rating in a research note on Thursday, May 1st. Finally, Stifel Nicolaus upped their target price on shares of MYR Group from $174.00 to $204.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and an average target price of $181.20.

MYR Group Stock Down 3.1%

MYRG opened at $187.44 on Friday. MYR Group has a 1-year low of $86.60 and a 1-year high of $220.01. The firm’s 50 day simple moving average is $177.67 and its two-hundred day simple moving average is $147.66. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2.91 billion, a PE ratio of 39.13 and a beta of 1.17.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.14. The company had revenue of $900.33 million for the quarter, compared to analysts’ expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. MYR Group’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.91) EPS. As a group, equities analysts forecast that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP purchased a new position in MYR Group during the fourth quarter valued at $60,217,000. Franklin Resources Inc. bought a new position in shares of MYR Group during the 4th quarter valued at about $1,143,000. Wells Fargo & Company MN grew its position in shares of MYR Group by 219.3% during the fourth quarter. Wells Fargo & Company MN now owns 63,869 shares of the utilities provider’s stock valued at $9,502,000 after purchasing an additional 43,865 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of MYR Group by 33.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 19,159 shares of the utilities provider’s stock worth $2,850,000 after purchasing an additional 4,805 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of MYR Group by 73.5% in the fourth quarter. Russell Investments Group Ltd. now owns 73,683 shares of the utilities provider’s stock worth $10,962,000 after buying an additional 31,209 shares in the last quarter. 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.