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

Shares of MYR Group Inc. (NASDAQ:MYRG) have received a consensus recommendation of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $157.00.

Several equities research analysts have weighed in on the stock. Robert W. Baird increased their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. The Goldman Sachs Group increased their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Stifel Nicolaus boosted their price target on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MYRG. Jacobs Levy Equity Management Inc. bought a new position in MYR Group in the third quarter worth $24,145,000. Assenagon Asset Management S.A. grew its position in shares of MYR Group by 387.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after buying an additional 147,598 shares during the period. TimesSquare Capital Management LLC increased its stake in shares of MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after acquiring an additional 136,643 shares in the last quarter. Millennium Management LLC increased its stake in shares of MYR Group by 68.9% in the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after acquiring an additional 69,886 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in MYR Group by 586.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock valued at $7,190,000 after acquiring an additional 60,085 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 2.7 %

Shares of NASDAQ:MYRG opened at $149.21 on Tuesday. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. 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’s 50-day moving average price is $151.21 and its 200-day moving average price is $128.09. The stock has a market capitalization of $2.41 billion, a P/E ratio of 65.16 and a beta of 0.96.

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

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.