MYR Group (NASDAQ:MYRG) Trading Up 4.6% – Should You Buy?

MYR Group Inc. (NASDAQ:MYRG)’s share price was up 4.6% on Wednesday . The company traded as high as $116.14 and last traded at $115.79. Approximately 130,095 shares traded hands during trading, a decline of 23% from the average daily volume of 168,183 shares. The stock had previously closed at $110.66.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MYRG shares. Robert W. Baird cut their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. The Goldman Sachs Group cut their price target on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a report on Thursday, September 19th. Finally, Stifel Nicolaus cut their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, MYR Group currently has a consensus rating of “Hold” and an average price target of $137.75.

MYR Group Stock Performance

The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The company’s 50-day moving average price is $100.84 and its two-hundred day moving average price is $134.77. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 22.71 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The firm had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. During the same quarter last year, the company earned $1.33 earnings per share. The company’s quarterly revenue was down 6.7% compared to the same quarter last year. On average, equities research analysts anticipate that MYR Group Inc. will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. UniSuper Management Pty Ltd bought a new position in MYR Group during the first quarter worth $645,000. Trillium Asset Management LLC lifted its stake in shares of MYR Group by 60.3% in the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock valued at $13,733,000 after buying an additional 29,215 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of MYR Group in the first quarter valued at $1,359,000. Capital World Investors lifted its stake in shares of MYR Group by 578.4% in the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after buying an additional 831,066 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new position in shares of MYR Group in the fourth quarter valued at $1,481,000. 88.90% of the stock is owned by institutional investors.

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.