MYR Group (NASDAQ:MYRG) Stock Passes Above 200 Day Moving Average - What's Next?

Shares of MYR Group Inc. (NASDAQ:MYRG - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $128.09 and traded as high as $155.53. MYR Group shares last traded at $149.21, with a volume of 154,659 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MYRG shares. Robert W. Baird boosted their price target on MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Stifel Nicolaus boosted their target price on shares of MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th. StockNews.com upgraded shares of MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Finally, The Goldman Sachs Group boosted their price objective on shares of MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a research report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $157.00.

MYR Group Stock Down 3.7 %

The firm has a market cap of $2.32 billion, a P/E ratio of 62.72 and a beta of 0.96. The company's 50-day simple moving average is $151.75 and its 200 day simple moving average is $128.12. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping 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 during the quarter, compared to analyst estimates of $917.18 million. During the same quarter last year, the business posted $1.28 earnings per share. The firm's revenue was down 5.5% on a year-over-year basis. Research analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D boosted its stake in MYR Group by 66.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider's stock worth $1,959,000 after buying an additional 7,655 shares during the period. Fisher Asset Management LLC boosted its stake in shares of MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider's stock worth $3,859,000 after purchasing an additional 3,759 shares during the period. Walleye Capital LLC grew its holdings in MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider's stock valued at $4,497,000 after purchasing an additional 35,569 shares during the last quarter. Principal Financial Group Inc. raised its position in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares during the period. Finally, FORA Capital LLC bought a new stake in MYR Group in the third quarter worth about $417,000. Hedge funds and other 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.