MYR Group (NASDAQ:MYRG) Price Target Raised to $153.00

MYR Group (NASDAQ:MYRG) had its price objective hoisted by Piper Sandler from $138.00 to $153.00 in a research report released on Tuesday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the utilities provider’s stock.

Several other research firms have also weighed in on MYRG. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 24th. Stifel Nicolaus dropped their target price on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a research report on Wednesday, April 9th. KeyCorp increased their target price on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Robert W. Baird increased their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group dropped their target price on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $152.40.

MYR Group Price Performance

MYRG stock opened at $158.21 on Tuesday. MYR Group has a 52-week low of $86.60 and a 52-week high of $168.88. The stock’s fifty day simple moving average is $133.19 and its 200-day simple moving average is $139.47. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of 69.09 and a beta of 1.06.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYRG. Barclays PLC raised its position in MYR Group by 192.2% in the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock valued at $3,578,000 after purchasing an additional 23,013 shares during the period. Fifth Third Bancorp raised its position in 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 period. KBC Group NV raised its position in MYR Group by 56.8% in the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider’s stock valued at $110,000 after purchasing an additional 267 shares during the period. Moody Aldrich Partners LLC purchased a new position in MYR Group in the fourth quarter valued at about $3,952,000. Finally, Allspring Global Investments Holdings LLC raised its position in MYR Group by 77.5% in the fourth 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 owned by hedge funds and other institutional investors.

About MYR Group

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.