MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given an average rating of “Moderate Buy” by the ten research firms that are currently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $235.4286.

A number of brokerages recently weighed in on MYRG. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus boosted their price target on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised 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.

Hedge Funds Weigh In On MYR Group

Several large investors have recently modified their holdings of the business. MAI Capital Management increased its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of MYR Group by 212.2% in 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 period. Elevation Point Wealth Partners LLC acquired a new position in shares of MYR Group in the second quarter worth approximately $34,000. Salomon & Ludwin LLC bought a new stake in MYR Group in the third quarter valued at approximately $34,000. Finally, Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group in the 4th quarter worth approximately $35,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYR Group stock opened at $274.39 on Tuesday. The company’s 50 day moving average price is $262.30 and its two-hundred day moving average price is $229.90. The firm has a market capitalization of $4.26 billion, a P/E ratio of 36.44 and a beta of 1.15. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33.

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

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.