Jefferies Financial Group Begins Coverage on MYR Group (NASDAQ:MYRG)

Stock analysts at Jefferies Financial Group assumed coverage on shares of MYR Group (NASDAQ:MYRG) in a research note issued on Friday, Marketbeat Ratings reports. The firm set a “hold” rating and a $202.00 price target on the utilities provider’s stock. Jefferies Financial Group’s price target indicates a potential upside of 11.60% from the stock’s current price.

MYRG has been the topic of several other reports. The Goldman Sachs Group increased their price target on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. Piper Sandler boosted their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. KeyCorp upped their price objective on shares of MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $191.83.

MYR Group Stock Performance

Shares of MYRG stock opened at $181.01 on Friday. The company has a market cap of $2.81 billion, a P/E ratio of 37.79 and a beta of 1.17. The firm has a fifty day moving average price of $182.75 and a 200 day moving average price of $150.26. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group has a 12 month low of $86.60 and a 12 month high of $220.01.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%. The business had revenue of $900.33 million during the quarter, compared to analysts’ expectations of $828.20 million. During the same period in the prior year, the firm posted ($0.91) EPS. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. grew its holdings in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock worth $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC grew its stake in shares of MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of MYR Group by 11.7% in the first quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider’s stock valued at $51,141,000 after purchasing an additional 47,445 shares during the period. Fisher Asset Management LLC raised its stake in shares of MYR Group by 12.7% during the second quarter. Fisher Asset Management LLC now owns 446,199 shares of the utilities provider’s stock worth $80,963,000 after purchasing an additional 50,148 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.