MYR Group (NASDAQ:MYRG) Price Target Raised to $172.00

MYR Group (NASDAQ:MYRG) had its target price boosted by Stifel Nicolaus from $153.00 to $172.00 in a research report released on Wednesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the utilities provider’s stock.

Other analysts also recently issued reports about the company. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group lifted their price target on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, Robert W. Baird upped their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Stock Performance

NASDAQ:MYRG opened at $165.59 on Wednesday. The company’s 50-day moving average is $140.02 and its two-hundred day moving average is $127.80. MYR Group has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 72.31 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share. Analysts forecast that MYR Group will post 1.16 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of New Jersey Common Pension Fund D increased its stake in MYR Group by 66.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after buying an additional 7,655 shares during the period. Fisher Asset Management LLC increased its position in shares of MYR Group by 11.1% during the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock worth $3,859,000 after acquiring an additional 3,759 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of MYR Group in the second quarter valued at $5,163,000. Walleye Capital LLC raised its stake in shares of MYR Group by 422.6% in the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after acquiring an additional 35,569 shares in the last quarter. Finally, FORA Capital LLC purchased a new position in MYR Group in the third quarter valued at $417,000. Hedge funds and other institutional investors 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.