MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Moderate Buy” from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has been given a consensus recommendation of “Moderate Buy” by the five research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $157.00.

Several research firms have recently weighed in on MYRG. Robert W. Baird raised their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. Piper Sandler raised their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Stifel Nicolaus lowered their price target on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. KeyCorp raised their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. boosted its stake in MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after acquiring an additional 159,302 shares during the last quarter. Millennium Management LLC boosted its stake in MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after acquiring an additional 128,159 shares during the last quarter. Wellington Management Group LLP boosted its stake in MYR Group by 11.7% in the first quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider’s stock valued at $51,141,000 after acquiring an additional 47,445 shares during the last quarter. American Century Companies Inc. boosted its stake in MYR Group by 38.2% in the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after acquiring an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership boosted its stake in MYR Group by 19.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider’s stock valued at $48,222,000 after acquiring an additional 53,496 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

NASDAQ MYRG opened at $169.34 on Friday. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 77.68 and a beta of 1.17. The company has a 50 day moving average of $149.62 and a 200-day moving average of $140.64. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. MYR Group has a 1-year low of $86.60 and a 1-year high of $172.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.27. The company had revenue of $833.62 million during the quarter, compared to analyst estimates of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The company’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $1.12 earnings per share. On average, equities analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

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.