The Goldman Sachs Group Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

MYR Group (NASDAQ:MYRG) had its target price increased by equities research analysts at The Goldman Sachs Group from $248.00 to $296.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 7.79% from the company’s current price.

MYRG has been the subject of a number of other research reports. Stifel Nicolaus raised their price objective on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Finally, Cantor Fitzgerald increased their price objective on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $235.43.

MYR Group Stock Performance

Shares of MYR Group stock opened at $274.62 on Tuesday. The business’s fifty day simple moving average is $251.73 and its 200 day simple moving average is $222.22. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group has a 12 month low of $97.72 and a 12 month high of $290.87. The firm has a market capitalization of $4.27 billion, a P/E ratio of 36.47 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.99 EPS. As a group, analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently modified their holdings of the company. MAI Capital Management grew its stake in MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group during the 2nd quarter valued at $34,000. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group in the second quarter worth $34,000. Finally, Salomon & Ludwin LLC bought a new position in shares of MYR Group in the third quarter worth $34,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Company Profile

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.