MYR Group (NASDAQ:MYRG) Price Target Raised to $296.00

by · The Cerbat Gem

MYR Group (NASDAQ:MYRG – Get Free Report) had its price objective upped by analysts at The Goldman Sachs Group from $248.00 to $296.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 12.43% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Cantor Fitzgerald raised their price target on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a report on Monday. Stifel Nicolaus boosted their price objective on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Finally, Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and an average price target of $229.29.

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MYR Group Trading Down 3.8%

Shares of MYRG traded down $10.27 during trading hours on Tuesday, hitting $263.27. The company had a trading volume of 30,871 shares, compared to its average volume of 229,788. MYR Group has a 52-week low of $97.72 and a 52-week high of $290.87. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $249.92 and its 200 day moving average price is $221.23. The firm has a market cap of $4.09 billion, a P/E ratio of 34.86 and a beta of 1.15.

MYR Group (NASDAQ:MYRG – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.MYR Group’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the company earned $0.99 EPS. On average, research analysts predict that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYRG. Farther Finance Advisors LLC raised its holdings in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group in the 4th quarter worth about $35,000. Signaturefd LLC increased its stake in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in MYR Group during the third quarter worth about $34,000. Finally, MAI Capital Management boosted its stake in MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Company Profile

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MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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