MYR Group (NASDAQ:MYRG) Upgraded at Zacks Research

Zacks Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a report published on Tuesday morning,Zacks.com reports.

A number of other analysts have also recently weighed in on MYRG. Cantor Fitzgerald raised their price objective on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research report on Monday. The Goldman Sachs Group increased their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Stock Down 2.2%

Shares of MYR Group stock opened at $268.50 on Tuesday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The company has a market cap of $4.17 billion, a P/E ratio of 35.66 and a beta of 1.15. The firm’s 50 day moving average price is $252.57 and its 200-day moving average price is $222.54. MYR Group has a 52-week low of $97.72 and a 52-week high of $290.87.

MYR Group (NASDAQ:MYRG) last posted 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. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company had revenue of $973.54 million during the quarter, compared to analysts’ expectations of $897.73 million. During the same quarter in the prior year, the company posted $0.99 earnings per share. MYR Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, sell-side analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently modified their holdings of the company. MAI Capital Management raised its position in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of MYR Group by 212.2% in 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 period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group during the second quarter worth $34,000. Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group during the second quarter worth $34,000. Finally, Salomon & Ludwin LLC acquired a new position in MYR Group during the third quarter valued at $34,000. 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.