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

MYR Group Inc. (NASDAQ:MYRG) has earned an average rating of “Moderate Buy” from the five ratings firms that are covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $143.75.

A number of analysts have recently issued reports on MYRG shares. The Goldman Sachs Group lifted their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Robert W. Baird raised their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus lowered their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th.

MYR Group Stock Down 2.3 %

MYRG stock opened at $146.81 on Monday. MYR Group has a one year low of $86.60 and a one year high of $181.02. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm’s fifty day moving average is $116.51 and its 200 day moving average is $126.97. The firm has a market cap of $2.37 billion, a PE ratio of 64.11 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period last year, the company earned $1.28 earnings per share. On average, research analysts forecast that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new stake in MYR Group in the third quarter valued at $116,000. Covestor Ltd lifted its position in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after buying an additional 132 shares during the last quarter. Millburn Ridgefield Corp purchased a new position in MYR Group during the third quarter worth about $130,000. RiverPark Advisors LLC increased its position in shares of MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after acquiring an additional 196 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $186,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Company Profile

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.