Cantor Fitzgerald Initiates Coverage on MYR Group (NASDAQ:MYRG)

Equities researchers at Cantor Fitzgerald initiated coverage on shares of MYR Group (NASDAQ:MYRG) in a research note issued to investors on Friday, Marketbeat reports. The firm set an “overweight” rating and a $285.00 price target on the utilities provider’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 16.52% from the company’s current price.

A number of other research analysts have also recently weighed in on MYRG. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. The Goldman Sachs Group raised 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, November 14th. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $213.57.

MYR Group Price Performance

MYRG opened at $244.60 on Friday. MYR Group has a 1 year low of $97.72 and a 1 year high of $263.48. The company’s 50 day simple moving average is $226.49 and its 200 day simple moving average is $207.14. The stock has a market capitalization of $3.80 billion, a PE ratio of 39.52 and a beta of 1.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same quarter last year, the firm posted $0.65 earnings per share. MYR Group’s revenue was up 7.0% on a year-over-year basis. As a group, sell-side analysts expect that MYR Group will post 1.16 EPS for the current year.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

Institutional Trading of MYR Group

Several large investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of MYR Group by 1.3% in the 4th quarter. State of Alaska Department of Revenue now owns 8,745 shares of the utilities provider’s stock valued at $1,910,000 after purchasing an additional 115 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of MYR Group during the 4th quarter valued at approximately $47,012,000. Prime Capital Investment Advisors LLC grew its position in shares of MYR Group by 30.1% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 1,457 shares of the utilities provider’s stock worth $318,000 after buying an additional 337 shares in the last quarter. Finally, Signaturefd LLC increased its stake in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 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 (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.