MYR Group (NASDAQ:MYRG) Hits New 52-Week High at $176.55

MYR Group Inc. (NASDAQ:MYRG) reached a new 52-week high on Thursday . The company traded as high as $176.55 and last traded at $175.09, with a volume of 5032 shares traded. The stock had previously closed at $175.25.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MYRG shares. The Goldman Sachs Group began coverage on MYR Group in a report on Friday, December 15th. They set a “buy” rating and a $164.00 price target on the stock. KeyCorp assumed coverage on shares of MYR Group in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a research report on Monday, February 26th. Finally, Stifel Nicolaus upped their price target on MYR Group from $168.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $171.00.

MYR Group Price Performance

The company has a fifty day moving average of $156.29 and a 200-day moving average of $140.47. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2.96 billion, a PE ratio of 32.33 and a beta of 1.08.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. During the same period in the prior year, the firm earned $1.46 earnings per share. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. Sell-side analysts expect that MYR Group Inc. will post 6.65 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Large investors have recently bought and sold shares of the stock. Point72 Middle East FZE acquired a new position in shares of MYR Group during the fourth quarter worth about $27,000. Daiwa Securities Group Inc. acquired a new position in shares of MYR Group during the 4th quarter worth about $29,000. Advisory Services Network LLC increased its holdings in shares of MYR Group by 585.0% in the 1st quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 234 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of MYR Group by 24.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock worth $53,000 after acquiring an additional 74 shares in the last quarter. Finally, IFP Advisors Inc purchased a new stake in MYR Group during the third quarter worth approximately $54,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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.