MYR Group, Inc. (NASDAQ:MYRG) Receives $218.71 Average Price Target from Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $218.7143.

Several analysts have recently issued reports on the stock. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald assumed coverage on MYR Group in a research report on Friday, January 23rd. They set an “overweight” rating and a $285.00 price target for the company. The Goldman Sachs Group upped their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $269.96 on Friday. The company has a market capitalization of $4.20 billion, a PE ratio of 35.85 and a beta of 1.15. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $249.00 and its 200-day moving average price is $220.58. MYR Group has a twelve month low of $97.72 and a twelve month high of $290.87.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.99 earnings per share. On average, equities analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Trading of MYR Group

Several large investors have recently added to or reduced their stakes in MYRG. T. Rowe Price Investment Management Inc. lifted its holdings in shares of MYR Group by 3.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 305,202 shares of the utilities provider’s stock valued at $66,687,000 after purchasing an additional 9,651 shares during the last quarter. Invesco Ltd. increased its position in MYR Group by 18.2% during the 4th quarter. Invesco Ltd. now owns 290,226 shares of the utilities provider’s stock valued at $63,414,000 after buying an additional 44,791 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in MYR Group by 17.9% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,055 shares of the utilities provider’s stock valued at $1,105,000 after buying an additional 769 shares during the last quarter. Caitlin John LLC bought a new stake in MYR Group in the fourth quarter worth $215,000. Finally, State of Tennessee Department of Treasury grew its stake in shares of MYR Group by 7.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 5,417 shares of the utilities provider’s stock worth $1,184,000 after acquiring an additional 355 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

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.