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

MYR Group, Inc. (NASDAQ:MYRG) has received a consensus rating of “Moderate Buy” from the ten research firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $235.4286.

A number of brokerages have weighed in on MYRG. Stifel Nicolaus boosted their price target on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research report on Tuesday. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Cantor Fitzgerald boosted their target price on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, The Goldman Sachs Group lifted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday.

Institutional Trading of MYR Group

Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group in the fourth quarter valued at approximately $35,000. Signaturefd LLC increased its stake in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the period. Salomon & Ludwin LLC bought a new position in shares of MYR Group during the third quarter worth approximately $34,000. Finally, MAI Capital Management lifted its holdings in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 2.2%

MYR Group stock opened at $268.50 on Friday. The company has a market cap of $4.17 billion, a P/E ratio of 35.66 and a beta of 1.15. MYR Group has a 1-year low of $97.72 and a 1-year high of $290.87. The company has a fifty day simple moving average of $252.57 and a 200 day simple moving average of $222.54. 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 (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating the consensus estimate of $1.73 by $0.60. The company 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 firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. Research analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

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.