MYR Group Inc. (NASDAQ:MYRG) Given Average Rating of “Moderate Buy” by Analysts

MYR Group Inc. (NASDAQ:MYRG) has been assigned an average rating of “Moderate Buy” from the five research firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $173.25.

A number of equities analysts have recently commented on MYRG shares. Stifel Nicolaus dropped their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a research report on Monday, February 26th. Finally, Robert W. Baird dropped their price target on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd.

MYR Group Stock Performance

MYRG stock opened at $138.52 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market cap of $2.32 billion, a P/E ratio of 26.84 and a beta of 1.04. The firm has a 50 day simple moving average of $155.02 and a 200 day simple moving average of $153.66. MYR Group has a 52 week low of $110.87 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. The firm had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company’s revenue for the quarter was up .5% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share. Research analysts anticipate that MYR Group will post 5.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently bought and sold shares of the business. Moloney Securities Asset Management LLC boosted its stake in shares of MYR Group by 0.9% in the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock valued at $1,441,000 after purchasing an additional 75 shares in the last quarter. Mackenzie Financial Corp lifted its position in MYR Group by 3.4% during the 4th quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after buying an additional 97 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after purchasing an additional 131 shares during the last quarter. Covestor Ltd raised its holdings in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares during the last quarter. Finally, First National Bank of Hutchinson raised its holdings in MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after purchasing an additional 160 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.