MYR Group Inc. (NASDAQ:MYRG) Given Consensus Recommendation of “Moderate Buy” by Brokerages

MYR Group Inc. (NASDAQ:MYRG) has been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $143.75.

A number of brokerages have recently commented on MYRG. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Stifel Nicolaus lowered their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. The Goldman Sachs Group boosted their target price on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Robert W. Baird increased their price target on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st.

Hedge Funds Weigh In On MYR Group

A number of large investors have recently added to or reduced their stakes in MYRG. Covestor Ltd boosted its position in shares of MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after buying an additional 132 shares during the period. EntryPoint Capital LLC acquired a new position in MYR Group during the 1st quarter worth approximately $186,000. RiverPark Advisors LLC grew its stake in shares of MYR Group by 21.9% during the 2nd 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. DekaBank Deutsche Girozentrale acquired a new stake in shares of MYR Group in the third quarter valued at approximately $116,000. Finally, SG Americas Securities LLC bought a new stake in shares of MYR Group in the first quarter worth $208,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Up 2.2 %

Shares of NASDAQ MYRG opened at $151.05 on Monday. MYR Group has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a 50-day moving average of $121.81 and a two-hundred day moving average of $126.78. The company has a market cap of $2.43 billion, a PE ratio of 65.96 and a beta of 0.89. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last posted 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. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same period in the previous year, the firm posted $1.28 earnings per share. MYR Group’s revenue for the quarter was down 5.5% compared to the same quarter last year. As a group, equities analysts expect that MYR Group will post 1.16 earnings per share 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.