MYR Group Inc. (NASDAQ:MYRG) Receives $147.75 Average PT from Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG) have received a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $147.75.

Several equities analysts have recently commented on MYRG shares. Robert W. Baird lowered their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Stifel Nicolaus cut their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fidelis Capital Partners LLC acquired a new stake in MYR Group in the first quarter worth approximately $48,000. Quest Partners LLC bought a new position in MYR Group during the fourth quarter valued at about $60,000. GAMMA Investing LLC grew its holdings in MYR Group by 37.8% during the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 164 shares during the period. Covestor Ltd raised its position in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares in the last quarter. Finally, RiverPark Advisors LLC lifted its holdings in MYR Group by 360.3% in the 1st quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock valued at $158,000 after acquiring an additional 699 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Up 0.4 %

NASDAQ:MYRG opened at $89.93 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $116.83 and a 200-day moving average of $143.39. The firm has a market capitalization of $1.48 billion, a PE ratio of 17.43 and a beta of 0.94. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. Analysts predict that MYR Group will post 3.11 EPS 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.