MYR Group (NASDAQ:MYRG) Price Target Raised to $296.00 at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG) had its price objective increased by The Goldman Sachs Group from $248.00 to $296.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the utilities provider’s stock.

A number of other research firms have also recently weighed in on MYRG. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Cantor Fitzgerald upped their price objective on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $235.43.

MYR Group Stock Down 1.4%

MYRG opened at $269.72 on Tuesday. The company has a market capitalization of $4.19 billion, a P/E ratio of 35.82 and a beta of 1.15. 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 firm’s fifty day moving average price is $250.77 and its two-hundred day moving average price is $221.85. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $290.87.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The company had revenue of $973.54 million during the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.99 EPS. On average, analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Trading of MYR Group

Large investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of MYR Group in the fourth quarter valued at $91,000. T. Rowe Price Investment Management Inc. grew its holdings in MYR Group by 3.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 305,202 shares of the utilities provider’s stock worth $66,687,000 after acquiring an additional 9,651 shares during the last quarter. Invesco Ltd. grew its holdings in MYR Group by 18.2% during the 4th 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 last quarter. Mercer Global Advisors Inc. ADV increased its position in MYR Group by 17.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,055 shares of the utilities provider’s stock valued at $1,105,000 after acquiring an additional 769 shares in the last quarter. Finally, Caitlin John LLC bought a new position in shares of MYR Group in the fourth quarter worth about $215,000. 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.