MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, Robert W. Baird Analyst Says

MYR Group (NASDAQ:MYRG - Free Report) had its target price raised by Robert W. Baird from $131.00 to $138.00 in a research report report published on Thursday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the utilities provider's stock.

A number of other research analysts have also weighed in on MYRG. StockNews.com lowered shares of MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. The Goldman Sachs Group decreased their price objective on shares of MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a report on Thursday, September 19th. Finally, Stifel Nicolaus reduced their target price on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of "Hold" and a consensus price target of $136.50.

MYR Group Trading Up 13.6 %

Shares of MYR Group stock traded up $15.67 on Thursday, hitting $131.00. The stock had a trading volume of 793,962 shares, compared to its average volume of 175,142. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The stock has a 50 day moving average of $105.57 and a 200 day moving average of $128.97. The firm has a market capitalization of $2.16 billion, a P/E ratio of 57.21 and a beta of 0.93.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company had revenue of $888.00 million during the quarter, compared to analysts' expectations of $917.18 million. During the same period in the prior year, the company posted $1.28 earnings per share. MYR Group's revenue for the quarter was down 5.5% compared to the same quarter last year. Sell-side analysts expect that MYR Group will post 0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider's stock valued at $182,368,000 after acquiring an additional 5,055 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of MYR Group by 22.3% in the first quarter. BNP Paribas Financial Markets now owns 15,723 shares of the utilities provider's stock worth $2,779,000 after buying an additional 2,871 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider's stock valued at $3,884,000 after buying an additional 131 shares in the last quarter. Moloney Securities Asset Management LLC grew its position in MYR Group by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider's stock worth $1,441,000 after acquiring an additional 75 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of MYR Group in the 1st quarter worth approximately $48,000. 88.90% of the stock is currently owned by institutional investors.

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.