MYR Group, Inc. (NASDAQ:MYRG) Stock Rated “Moderate Buy” by Sell-Side Analysts

MYR Group, Inc. (NASDAQ:MYRG) has received an average rating of “Moderate Buy” from the eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $404.20.

A number of research analysts have commented on MYRG shares. Weiss Ratings downgraded MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Stifel Nicolaus dropped their price objective on MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. Jefferies Financial Group raised shares of MYR Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $377.00 to $370.00 in a research report on Tuesday, October 6th. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Ethic Inc. raised its stake in MYR Group by 225.3% during the 3rd quarter. Ethic Inc. now owns 4,144 shares of the utilities provider’s stock valued at $1,212,000 after purchasing an additional 2,870 shares during the last quarter. Abacus Wealth Partners LLC boosted its holdings in MYR Group by 3.4% in the 3rd quarter. Abacus Wealth Partners LLC now owns 2,020 shares of the utilities provider’s stock valued at $591,000 after purchasing an additional 67 shares during the period. Alps Advisors Inc. boosted its holdings in MYR Group by 104.1% in the 3rd quarter. Alps Advisors Inc. now owns 8,148 shares of the utilities provider’s stock valued at $2,383,000 after purchasing an additional 4,155 shares during the period. Commonwealth Equity Services LLC grew its position in MYR Group by 34.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 2,075 shares of the utilities provider’s stock worth $607,000 after purchasing an additional 534 shares during the last quarter. Finally, Covestor Ltd grew its position in MYR Group by 29.5% in the 3rd quarter. Covestor Ltd now owns 246 shares of the utilities provider’s stock worth $72,000 after purchasing an additional 56 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

NASDAQ MYRG opened at $291.59 on Wednesday. The stock’s 50-day moving average price is $288.57 and its two-hundred day moving average price is $333.97. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $4.54 billion, a PE ratio of 23.69 and a beta of 1.36. MYR Group has a 1 year low of $199.30 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same quarter last year, the business posted $2.05 EPS. The company’s revenue for the quarter was up 32.5% on a year-over-year basis. On average, analysts predict that MYR Group will post 12.43 EPS for the current year.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.