MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $292.63 and last traded at $291.54, with a volume of 21243 shares. The stock had previously closed at $267.10.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald increased their price target on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research report on Monday, March 2nd. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Trading Up 3.6%

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. The company has a market cap of $4.54 billion, a PE ratio of 38.83 and a beta of 1.15. The company has a fifty day simple moving average of $266.42 and a two-hundred day simple moving average of $234.10.

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

Institutional Investors Weigh In On MYR Group

Large investors have recently modified their holdings of the company. Farther Finance Advisors LLC lifted its position in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in MYR Group in the second quarter valued at $34,000. Salomon & Ludwin LLC acquired a new stake in MYR Group in the third quarter valued at $34,000. Acumen Wealth Advisors LLC purchased a new stake in MYR Group during the 4th quarter worth about $35,000. Finally, Signaturefd LLC lifted its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Company Profile

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.