MYR Group (NASDAQ:MYRG) Sees Strong Trading Volume – Should You Buy?

MYR Group Inc. (NASDAQ:MYRG) saw an uptick in trading volume on Tuesday . 210,596 shares were traded during trading, an increase of 39% from the previous session’s volume of 151,207 shares.The stock last traded at $145.34 and had previously closed at $149.21.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent research reports. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group raised their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Robert W. Baird upped 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. Finally, Stifel Nicolaus raised their target price on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Stock Performance

The firm has a market capitalization of $2.32 billion, a PE ratio of 62.80 and a beta of 0.96. 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 stock has a 50-day moving average price of $151.21 and a 200-day moving average price of $128.09.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million during 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 business’s revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 EPS. On average, research analysts expect that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently bought and sold shares of MYRG. GAMMA Investing LLC lifted its position in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after buying an additional 118 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in MYR Group in the third quarter worth about $116,000. Millburn Ridgefield Corp acquired a new position in MYR Group in the third quarter valued at approximately $130,000. Quest Partners LLC bought a new position in MYR Group during the 3rd quarter worth $223,000. Finally, FMR LLC grew its position in MYR Group by 90.2% in 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 currently owned by institutional investors and hedge funds.

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.