Stifel Nicolaus Issues Positive Forecast for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG) had its price target upped by Stifel Nicolaus from $237.00 to $262.00 in a research note published on Monday morning, Marketbeat.com reports. They currently have a buy rating on the utilities provider’s stock.

MYRG has been the subject of a number of other research reports. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Clear Str raised MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Cantor Fitzgerald assumed coverage on MYR Group in a report on Friday. They issued an “overweight” rating and a $285.00 price target on the stock. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, MYR Group has an average rating of “Moderate Buy” and a consensus target price of $218.71.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $250.66 on Monday. The business has a fifty day moving average of $227.10 and a 200-day moving average of $207.79. 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 has a twelve month low of $97.72 and a twelve month high of $263.48. The firm has a market cap of $3.89 billion, a PE ratio of 40.49 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS 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 firm had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue was up 7.0% on a year-over-year basis. On average, equities research analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the company’s 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 completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Townsend & Associates Inc raised its stake in MYR Group by 0.4% during the 4th quarter. Townsend & Associates Inc now owns 115,265 shares of the utilities provider’s stock worth $25,185,000 after buying an additional 463 shares during the period. Farther Finance Advisors LLC raised 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 purchasing an additional 104 shares during the period. State of Alaska Department of Revenue lifted its holdings in shares of MYR Group by 1.3% during 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 acquired a new position in shares of MYR Group in the 4th quarter valued at approximately $47,012,000. Finally, Prime Capital Investment Advisors LLC increased its stake in MYR Group by 30.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 1,457 shares of the utilities provider’s stock worth $318,000 after purchasing an additional 337 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

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.