Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $137.75

Shares of MYR Group Inc. (NASDAQ:MYRG) have received a consensus rating of “Moderate Buy” from the five brokerages that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $137.75.

MYRG has been the topic of a number of recent research reports. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Stifel Nicolaus lowered their target price 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. The Goldman Sachs Group cut their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Finally, Robert W. Baird lowered their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new position in shares of MYR Group in the 1st quarter valued at $48,000. GAMMA Investing LLC grew its position in MYR Group by 37.8% in the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 164 shares during the last quarter. Covestor Ltd grew its position in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares during the last quarter. RiverPark Advisors LLC raised its stake in MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after acquiring an additional 196 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in shares of MYR Group in the first quarter worth about $186,000. 88.90% of the stock is currently owned by institutional investors.

MYR Group Trading Up 1.2 %

Shares of MYRG stock opened at $104.23 on Friday. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. The firm has a 50 day moving average price of $102.13 and a two-hundred day moving average price of $136.01. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.75 billion, a PE ratio of 20.20 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The firm had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.33 earnings per share. As a group, analysts predict that MYR Group will post 0.91 earnings per share for the current 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.