MYR Group Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned an average rating of “Moderate Buy” from the five research firms that are presently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $157.00.

Several analysts recently commented on the stock. Robert W. Baird raised their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group boosted 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. Finally, Stifel Nicolaus raised their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MYRG. RiverPark Advisors LLC increased its position in MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after buying an additional 196 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in MYR Group during the 3rd quarter worth about $116,000. Millburn Ridgefield Corp acquired a new position in MYR Group in the 3rd quarter valued at about $130,000. Quest Partners LLC purchased a new position in MYR Group in the 3rd quarter valued at about $223,000. Finally, FMR LLC boosted its stake in shares of MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 1,108 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Down 0.5 %

MYR Group stock opened at $167.37 on Friday. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of 73.09 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average of $138.79 and a two-hundred day moving average of $127.76. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02.

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

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.