Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Price Target at $191.83

MYR Group, Inc. (NASDAQ:MYRG) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are currently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $191.8333.

A number of equities analysts have recently commented on MYRG shares. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 27th. Stifel Nicolaus set a $210.00 price target on MYR Group in a research note on Monday, August 4th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. KeyCorp boosted their price target on MYR Group from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Finally, The Goldman Sachs Group boosted their price target on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th.

MYR Group Stock Performance

MYRG opened at $179.88 on Friday. The firm has a market cap of $2.79 billion, a PE ratio of 37.55 and a beta of 1.19. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $187.12 and a 200-day simple moving average of $155.10. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $220.01.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.14. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company had revenue of $900.33 million during the quarter, compared to analyst estimates of $828.20 million. During the same quarter in the prior year, the company earned ($0.91) earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in shares of MYR Group in the 1st quarter valued at approximately $440,000. Teacher Retirement System of Texas bought a new stake in shares of MYR Group in the 1st quarter valued at approximately $267,000. GAMMA Investing LLC grew its stake in shares of MYR Group by 12,329.7% in the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock valued at $7,802,000 after purchasing an additional 68,430 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of MYR Group in the 1st quarter valued at approximately $1,922,000. Finally, Nuveen LLC acquired a new position in shares of MYR Group in the 1st quarter worth approximately $18,511,000. 88.90% of the stock is currently owned by institutional investors.

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.