MYR Group, Inc. (NASDAQ:MYRG) Receives $235.43 Average Target Price from Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have received an average recommendation of “Moderate Buy” from the ten ratings firms that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $235.4286.

A number of brokerages have recently issued reports on MYRG. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Cantor Fitzgerald lifted their price objective on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday, March 2nd. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group increased their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd.

Institutional Trading of MYR Group

Institutional investors have recently added to or reduced their stakes in the stock. CWA Asset Management Group LLC bought a new position in shares of MYR Group during the third quarter worth about $1,506,000. Vanguard Group Inc. grew its stake in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in MYR Group by 22.4% in the second quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after buying an additional 13,889 shares during the last quarter. XTX Topco Ltd increased its holdings in MYR Group by 110.0% in the second quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock valued at $1,741,000 after buying an additional 5,024 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in MYR Group during the third quarter valued at approximately $1,516,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

MYR Group stock opened at $269.06 on Tuesday. MYR Group has a 12-month low of $97.72 and a 12-month high of $290.87. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of 35.73 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 $264.92 and its 200 day moving average price is $231.28.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share 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 firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.99 EPS. On average, research analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

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.