Wall Street Zen Upgrades MYR Group (NASDAQ:MYRG) to Strong-Buy

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

MYRG has been the subject of several other research reports. Jefferies Financial Group initiated coverage on MYR Group in a research report on Friday, August 15th. They set a “hold” rating and a $202.00 target price for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Thursday. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Stifel Nicolaus upped their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, The Goldman Sachs Group lifted their target price on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $201.67.

MYR Group Trading Up 4.3%

Shares of MYRG opened at $229.44 on Monday. MYR Group has a 12-month low of $97.72 and a 12-month high of $241.13. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 37.07 and a beta of 1.24. The stock’s 50-day moving average price is $204.67 and its 200 day moving average price is $186.19. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The business had revenue of $950.40 million for 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 revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 earnings per share. As a group, research analysts predict that MYR Group will post 1.16 earnings per share for the current year.

Insiders Place Their Bets

In other MYR Group news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

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