MYR Group Inc. (NASDAQ:MYRG) Receives Average Rating of “Moderate Buy” from Analysts

Shares of MYR Group Inc. (NASDAQ:MYRG) have earned a consensus rating of “Moderate Buy” from the four analysts that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $170.75.

A number of brokerages recently commented on MYRG. KeyCorp began coverage on MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Stifel Nicolaus dropped their price target on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a report on Monday, February 26th. Finally, Robert W. Baird dropped their price target on MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a report on Thursday.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYRG. Daiwa Securities Group Inc. purchased a new position in MYR Group during the fourth quarter worth about $29,000. Quest Partners LLC purchased a new position in MYR Group during the fourth quarter worth about $60,000. GAMMA Investing LLC bought a new stake in MYR Group during the fourth quarter worth about $62,000. Planned Solutions Inc. bought a new stake in MYR Group during the fourth quarter worth about $130,000. Finally, Quantbot Technologies LP lifted its stake in MYR Group by 446.3% during the third quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock worth $199,000 after purchasing an additional 1,205 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Stock Down 0.9 %

Shares of NASDAQ:MYRG opened at $164.82 on Thursday. The business’s 50 day simple moving average is $165.89 and its two-hundred day simple moving average is $146.38. The firm has a market cap of $2.76 billion, a P/E ratio of 30.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. MYR Group has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. During the same quarter last year, the company earned $1.46 earnings per share. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. As a group, research analysts forecast that MYR Group will post 6.64 EPS for the current fiscal year.

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.