MYR Group (NASDAQ:MYRG) Hits New 1-Year High – What’s Next?

Shares of MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high on Tuesday . The stock traded as high as $173.78 and last traded at $173.33, with a volume of 134910 shares. The stock had previously closed at $169.34.

Analysts Set New Price Targets

Several research firms have weighed in on MYRG. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a report on Thursday, May 1st. KeyCorp lifted their target price on MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. The Goldman Sachs Group lowered MYR Group from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Piper Sandler lifted their target price on MYR Group from $138.00 to $153.00 and gave the stock a “neutral” rating in a report on Tuesday, May 27th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 24th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Price Performance

The company has a 50 day simple moving average of $150.83 and a 200-day simple moving average of $140.51. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 79.51 and a beta of 1.17. 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 (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter last year, the business posted $1.12 EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Institutional Trading of MYR Group

A number of hedge funds and other institutional investors have recently modified their holdings of MYRG. Quarry LP increased its position in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 179 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in shares of MYR Group by 92.7% in the first quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 165 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 286 shares during the last quarter. Versant Capital Management Inc increased its position in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 210 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its position in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock valued at $81,000 after acquiring an additional 101 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.