MYR Group Inc. (NASDAQ:MYRG) Receives $157.00 Average Price Target from Brokerages

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) has been given an average recommendation of "Moderate Buy" by the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $157.00.

MYRG has been the subject of several analyst reports. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. Robert W. Baird raised their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. The Goldman Sachs Group upped their target price on shares of MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a report on Monday, November 4th. Finally, Stifel Nicolaus raised their price target on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a report on Wednesday.

Institutional Trading of MYR Group

Hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC increased its holdings in shares of MYR Group by 2.0% in the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock worth $438,000 after purchasing an additional 83 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider's stock worth $1,140,000 after acquiring an additional 100 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of MYR Group by 0.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider's stock worth $3,800,000 after acquiring an additional 160 shares in the last quarter. RiverPark Advisors LLC boosted its position 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 valued at $148,000 after acquiring an additional 196 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of MYR Group by 10.4% in the second quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider's stock valued at $719,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

MYRG stock traded down $1.78 during midday trading on Friday, reaching $165.59. 116,881 shares of the company's stock traded hands, compared to its average volume of 180,593. The stock's 50-day moving average is $140.02 and its 200 day moving average is $127.80. The stock has a market cap of $2.67 billion, a P/E ratio of 72.31 and a beta of 0.93. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02. 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 - Get Free Report) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same period in the previous year, the business earned $1.28 earnings per share. MYR Group's quarterly revenue was down 5.5% compared to the same quarter last year. As a group, analysts anticipate that MYR Group will post 1.16 EPS for the current year.

About MYR Group

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.