Analysts Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $152.40

Shares of MYR Group Inc. (NASDAQ:MYRG) have earned a consensus rating of “Moderate Buy” from the five ratings firms that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $152.40.

A number of research firms have recently weighed in on MYRG. The Goldman Sachs Group dropped their price target on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Piper Sandler raised their price target on MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a research note on Tuesday. KeyCorp lifted their price target on MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Robert W. Baird increased their price objective on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st.

MYR Group Trading Down 0.1%

Shares of NASDAQ MYRG opened at $158.10 on Wednesday. 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 one year low of $86.60 and a one year high of $168.88. The business has a 50-day moving average price of $133.78 and a two-hundred day moving average price of $139.54. The firm has a market capitalization of $2.45 billion, a PE ratio of 69.04 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same period in the previous year, the firm posted $1.12 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Trading of MYR Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC raised its holdings in MYR Group by 192.2% in the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after acquiring an additional 23,013 shares during the period. Fifth Third Bancorp grew its position in shares of MYR Group by 66.7% in the fourth quarter. Fifth Third Bancorp now owns 4,031 shares of the utilities provider’s stock valued at $600,000 after purchasing an additional 1,613 shares during the last quarter. KBC Group NV increased its stake in shares of MYR Group by 56.8% in the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock worth $110,000 after purchasing an additional 267 shares during the period. Moody Aldrich Partners LLC acquired a new position in shares of MYR Group during the 4th quarter worth about $3,952,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in MYR Group by 77.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock valued at $8,045,000 after purchasing an additional 23,760 shares during the period. 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.