MYR Group (NASDAQ:MYRG) Price Target Raised to $305.00 at Stifel Nicolaus

MYR Group (NASDAQ:MYRG) had its target price boosted by Stifel Nicolaus from $262.00 to $305.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.

A number of other equities research analysts have also recently weighed in on MYRG. Cantor Fitzgerald lifted their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. The Goldman Sachs Group upped their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $235.43.

MYR Group Stock Performance

MYRG opened at $269.72 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $250.77 and its 200-day moving average is $221.85. The stock has a market cap of $4.19 billion, a PE ratio of 35.82 and a beta of 1.15. MYR Group has a twelve month low of $97.72 and a twelve month high of $290.87.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.99 EPS. On average, analysts predict that MYR Group will post 1.16 earnings per share for the current year.

Institutional Investors Weigh In On MYR Group

Several large investors have recently modified their holdings of MYRG. CWA Asset Management Group LLC purchased a new position in shares of MYR Group in the third quarter worth approximately $1,506,000. Russell Investments Group Ltd. grew its position in MYR Group by 22.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock worth $13,768,000 after purchasing an additional 13,889 shares in the last quarter. XTX Topco Ltd raised its stake in MYR Group by 110.0% during the 2nd quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock valued at $1,741,000 after purchasing an additional 5,024 shares during the period. Prudential Financial Inc. raised its stake in MYR Group by 62.7% during the 2nd quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock valued at $4,895,000 after purchasing an additional 10,391 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of MYR Group in the third quarter valued at $1,516,000. 88.90% of the stock is owned by institutional investors.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.