Cantor Fitzgerald Increases MYR Group (NASDAQ:MYRG) Price Target to $311.00

MYR Group (NASDAQ:MYRG) had its price objective hoisted by investment analysts at Cantor Fitzgerald from $285.00 to $311.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the utilities provider’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 15.30% from the company’s current price.

Several other analysts also recently issued reports on the stock. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. The Goldman Sachs Group boosted their target price on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.43.

MYR Group Price Performance

MYRG stock opened at $269.72 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The company’s 50-day moving average is $250.77 and its 200-day moving average is $221.85. The stock has a market capitalization of $4.19 billion, a PE ratio of 35.82 and a beta of 1.15. MYR Group has a 1 year low of $97.72 and a 1 year high of $290.87.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 EPS. Equities research analysts expect that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of MYR Group during the 4th quarter worth approximately $91,000. T. Rowe Price Investment Management Inc. increased its position in shares of MYR Group by 3.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 305,202 shares of the utilities provider’s stock valued at $66,687,000 after acquiring an additional 9,651 shares during the last quarter. Invesco Ltd. lifted its holdings in MYR Group by 18.2% during the fourth quarter. Invesco Ltd. now owns 290,226 shares of the utilities provider’s stock worth $63,414,000 after acquiring an additional 44,791 shares during the period. Mercer Global Advisors Inc. ADV lifted its holdings in MYR Group by 17.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,055 shares of the utilities provider’s stock worth $1,105,000 after acquiring an additional 769 shares during the period. Finally, Caitlin John LLC bought a new stake in shares of MYR Group during the 4th quarter worth $215,000. Hedge funds and other institutional investors 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.