MYR Group Inc. (NASDAQ:MYRG) Receives $137.75 Consensus Price Target from Analysts

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

MYRG has been the subject of several analyst reports. Robert W. Baird dropped their price objective on MYR Group from $170.00 to $143.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. The Goldman Sachs Group decreased their price target on MYR Group from $182.00 to $124.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. Stifel Nicolaus decreased their price target on MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com lowered MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fidelis Capital Partners LLC bought a new stake in MYR Group during the 1st quarter worth $48,000. DekaBank Deutsche Girozentrale bought a new stake in MYR Group during the 3rd quarter worth $116,000. Covestor Ltd grew its position in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider's stock worth $122,000 after acquiring an additional 132 shares during the last quarter. RiverPark Advisors LLC grew its position in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider's stock worth $148,000 after acquiring an additional 196 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of MYR Group in the 1st quarter valued at about $186,000. Institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

NASDAQ MYRG traded down $0.55 during midday trading on Thursday, hitting $116.08. The company had a trading volume of 87,622 shares, compared to its average volume of 171,596. The company has a market capitalization of $1.95 billion, a PE ratio of 22.50 and a beta of 0.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $104.36 and a 200-day moving average price of $130.93. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The company had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group's revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.33 earnings per share. As a group, analysts anticipate 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.