MYR Group (NASDAQ:MYRG) Price Target Raised to $153.00

MYR Group (NASDAQ:MYRG) had its price objective boosted by The Goldman Sachs Group from $124.00 to $153.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

A number of other equities analysts also recently weighed in on the company. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Stifel Nicolaus reduced their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.75.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $145.23 on Monday. The business’s 50 day moving average price is $109.97 and its two-hundred day moving average price is $128.20. The company has a market cap of $2.34 billion, a PE ratio of 63.42 and a beta of 0.89. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 earnings per share. On average, analysts predict that MYR Group will post 0.88 EPS for the current year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its stake in shares of MYR Group by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after buying an additional 100 shares during the period. Janney Montgomery Scott LLC boosted its stake in shares of MYR Group by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares during the period. Covestor Ltd boosted its stake in shares of 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 buying an additional 132 shares during the period. First National Bank of Hutchinson boosted its stake in shares of MYR Group by 2.6% in the first quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock valued at $1,101,000 after buying an additional 160 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of MYR Group by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after buying an additional 160 shares during the period. 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.