MYR Group (NASDAQ:MYRG) Upgraded to “Strong-Buy” at Wall Street Zen

MYR Group (NASDAQ:MYRG) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Monday.

Several other equities analysts have also recently commented on MYRG. The Goldman Sachs Group boosted their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group started coverage on MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Thursday. Stifel Nicolaus lifted their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $201.67.

MYR Group Trading Up 4.3%

NASDAQ:MYRG opened at $229.44 on Monday. The stock has a market cap of $3.56 billion, a PE ratio of 37.07 and a beta of 1.24. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $241.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The stock’s 50-day moving average is $204.67 and its two-hundred day moving average is $186.19.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share. As a group, equities research analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Maseco LLP bought a new position in MYR Group in the 2nd quarter worth approximately $28,000. Quarry LP raised its stake in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 179 shares during the last quarter. MAI Capital Management raised its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MYR Group in the 2nd quarter valued at $34,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in MYR Group in the 2nd quarter worth $34,000. Institutional investors and hedge funds 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.