MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $42.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 15.67% from the stock’s previous close.
According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “
Several other brokerages have also recently weighed in on MYRG. B. Riley boosted their price objective on shares of MYR Group from $28.00 to $35.00 and gave the stock a “neutral” rating in a research note on Thursday, November 16th. TheStreet raised shares of MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Canaccord Genuity boosted their price objective on shares of MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp reissued a “hold” rating on shares of MYR Group in a research note on Friday, November 24th. Finally, BidaskClub cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $36.00.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The company had revenue of $373.50 million for the quarter, compared to analysts’ expectations of $373.85 million. During the same quarter in the previous year, the firm posted $0.48 earnings per share. MYR Group’s revenue for the quarter was up 8.7% on a year-over-year basis. analysts forecast that MYR Group will post 1.79 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of MYRG. Teacher Retirement System of Texas bought a new stake in MYR Group during the fourth quarter valued at $201,000. Crossmark Global Holdings Inc. bought a new stake in MYR Group during the third quarter valued at $207,000. Leucadia National Corp bought a new stake in MYR Group during the fourth quarter valued at $225,000. Municipal Employees Retirement System of Michigan boosted its position in MYR Group by 40.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock valued at $234,000 after acquiring an additional 2,290 shares during the last quarter. Finally, Raymond James & Associates bought a new stake in MYR Group during the fourth quarter valued at $236,000. 89.25% of the stock is currently owned by institutional investors and hedge funds.
About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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