MYR Group Inc. (NASDAQ:MYRG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of MYR Group Inc. (NASDAQ:MYRG) have been given an average rating of “Moderate Buy” by the five research firms that are covering the stock, MarketBeat Ratings 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 objective among brokers that have issued ratings on the stock in the last year is $173.25.

Several research firms have recently issued reports on MYRG. Sidoti lowered shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Robert W. Baird reduced their price target on MYR Group from $185.00 to $180.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. KeyCorp initiated coverage on shares of MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Finally, Stifel Nicolaus reduced their target price on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th.

MYR Group Trading Up 1.3 %

Shares of MYRG opened at $155.65 on Thursday. MYR Group has a fifty-two week low of $110.87 and a fifty-two week high of $181.02. The stock has a fifty day moving average of $164.65 and a two-hundred day moving average of $147.17. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $2.61 billion, a PE ratio of 30.16 and a beta of 1.10.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. The firm had revenue of $815.56 million for the quarter, compared to analysts’ expectations of $854.13 million. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.38 earnings per share. As a group, analysts forecast that MYR Group will post 6.64 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in MYR Group in the third quarter worth $894,000. Cambridge Investment Research Advisors Inc. boosted its position in MYR Group by 16.0% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 2,962 shares of the utilities provider’s stock valued at $399,000 after purchasing an additional 408 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in MYR Group by 13.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 2,247 shares of the utilities provider’s stock worth $303,000 after buying an additional 268 shares during the last quarter. Bailard Inc. acquired a new stake in MYR Group in the third quarter worth $344,000. Finally, Mackenzie Financial Corp lifted its position in MYR Group by 4.8% in the 3rd quarter. Mackenzie Financial Corp now owns 2,888 shares of the utilities provider’s stock valued at $363,000 after purchasing an additional 133 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.