MYR Group Inc. (NASDAQ:MYRG) Given Consensus Rating of “Moderate Buy” by Brokerages

MYR Group Inc. (NASDAQ:MYRG) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $143.75.

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group increased their price objective on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Robert W. Baird boosted their target price on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st.

MYR Group Price Performance

MYRG opened at $151.05 on Monday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02. The stock has a fifty day moving average price of $121.81 and a 200 day moving average price of $126.78. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 65.96 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.28 EPS. Analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of institutional investors have recently made changes to their positions in the business. Capital World Investors increased its position in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the period. Swedbank AB bought a new position in MYR Group during the first quarter worth $51,452,000. Jacobs Levy Equity Management Inc. bought a new position in MYR Group during the third quarter worth $24,145,000. Assenagon Asset Management S.A. raised its stake in MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after purchasing an additional 136,643 shares during the period. 88.90% of the stock is currently owned by institutional investors.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.