MYR Group (NASDAQ:MYRG) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Several other analysts also recently commented on the company. Stifel Nicolaus raised their target price on MYR Group from $262.00 to $305.00 and gave the company a “buy” rating in a research note on Tuesday. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Trading Down 2.9%

Shares of MYRG stock traded down $8.02 during trading hours on Tuesday, hitting $266.60. 198,573 shares of the company were exchanged, compared to its average volume of 237,652. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The company has a 50 day simple moving average of $251.73 and a two-hundred day simple moving average of $222.22. The firm has a market cap of $4.14 billion, a P/E ratio of 35.41 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The business had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. During the same period in the prior year, the firm earned $0.99 earnings per share. MYR Group’s revenue was up 17.3% on a year-over-year basis. Equities analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Trading of MYR Group

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares in the last quarter. Wellington Management Group LLP increased its stake in MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of MYR Group by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after buying an additional 21,304 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after buying an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of MYR Group by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after acquiring an additional 8,695 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

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.