MYR Group Inc. (NASDAQ:MYRG) Receives Consensus Rating of "Moderate Buy" from Analysts

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) has been given an average rating of "Moderate Buy" by the five brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $137.75.

A number of research analysts have issued reports on MYRG shares. Robert W. Baird decreased their target price on MYR Group from $170.00 to $143.00 and set an "outperform" rating on the stock in a research report on Thursday, August 1st. The Goldman Sachs Group reduced their price target on MYR Group from $182.00 to $124.00 and set a "buy" rating on the stock in a report on Thursday, September 19th. StockNews.com cut MYR Group from a "hold" rating to a "sell" rating in a report on Wednesday, September 18th. Finally, Stifel Nicolaus reduced their price target on MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a report on Monday, August 5th.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of MYR Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider's stock worth $182,368,000 after acquiring an additional 5,055 shares during the period. Capital World Investors lifted its stake in shares of MYR Group by 578.4% in the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider's stock worth $172,287,000 after acquiring an additional 831,066 shares during the period. Swedbank AB acquired a new position in shares of MYR Group in the first quarter worth approximately $51,452,000. Millennium Management LLC lifted its stake in MYR Group by 68.9% in the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock valued at $23,251,000 after buying an additional 69,886 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in MYR Group by 16.4% in the second quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider's stock valued at $19,208,000 after buying an additional 19,904 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $1.03 during mid-day trading on Friday, reaching $102.75. The company had a trading volume of 144,429 shares, compared to its average volume of 168,088. 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 one year low of $86.60 and a one year high of $181.02. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 19.91 and a beta of 0.93. The business's 50-day simple moving average is $106.35 and its 200 day simple moving average is $137.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. During the same quarter in the prior year, the firm earned $1.33 EPS. The business's revenue was down 6.7% on a year-over-year basis. On average, research analysts predict that MYR Group will post 0.91 earnings per share for the current fiscal 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.