MYR Group (NASDAQ:MYRG) Shares Gap Up – Here’s Why

Shares of MYR Group, Inc. (NASDAQ:MYRG) gapped up before the market opened on Tuesday . The stock had previously closed at $221.15, but opened at $227.52. MYR Group shares last traded at $225.1010, with a volume of 11,432 shares trading hands.

Analyst Ratings Changes

Several analysts have commented on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a research note on Monday. Stifel Nicolaus raised their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. The Goldman Sachs Group lifted their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Finally, KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and an average price target of $201.67.

MYR Group Stock Down 0.3%

The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of 36.61 and a beta of 1.20. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The company’s 50 day moving average price is $221.00 and its 200 day moving average price is $198.10.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Maseco LLP acquired a new stake in shares of MYR Group in the second quarter worth $28,000. Quarry LP lifted its position in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 179 shares during the period. MAI Capital Management boosted its holdings in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in MYR Group during the 2nd quarter worth about $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at about $34,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.