Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Target Price at $157.00

MYR Group Inc. (NASDAQ:MYRG) has been given a consensus rating of “Moderate Buy” by the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $157.00.

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

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. purchased a new stake in shares of MYR Group in the second quarter worth approximately $5,163,000. Louisiana State Employees Retirement System increased its stake in MYR Group by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after buying an additional 100 shares during the period. First National Bank of Hutchinson boosted its stake in shares of MYR Group by 9.1% during the 2nd quarter. First National Bank of Hutchinson now owns 6,800 shares of the utilities provider’s stock valued at $923,000 after buying an additional 569 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of MYR Group by 4.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 128,297 shares of the utilities provider’s stock valued at $17,411,000 after acquiring an additional 5,287 shares in the last quarter. Finally, RiverPark Advisors LLC grew its holdings in shares of MYR Group by 21.9% during the 2nd 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 in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

NASDAQ:MYRG opened at $154.51 on Friday. The company has a 50-day moving average of $143.74 and a 200-day moving average of $127.89. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 67.47 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. 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, topping analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. Analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal 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.