MYR Group, Inc. (NASDAQ:MYRG) Receives $328.86 Consensus Price Target from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has received an average recommendation of “Moderate Buy” from the nine analysts that are covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $328.8571.

Several research analysts have issued reports on MYRG shares. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. The Goldman Sachs Group increased their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th.

MYR Group Price Performance

NASDAQ:MYRG opened at $467.46 on Wednesday. The stock’s fifty day moving average price is $326.13 and its two-hundred day moving average price is $269.44. MYR Group has a 52-week low of $154.55 and a 52-week high of $479.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 51.54 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the business earned $1.45 EPS. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts anticipate that MYR Group will post 10.59 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its stake in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC lifted its stake in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $35,000. Signaturefd LLC lifted its stake in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the period. Finally, First Horizon Corp acquired a new position in shares of MYR Group in the 3rd quarter valued at $47,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.