MYR Group’s (MYRG) Market Perform Rating Reaffirmed at Oppenheimer

MYR Group (NASDAQ:MYRG)‘s stock had its “market perform” rating reiterated by investment analysts at Oppenheimer in a research note issued to investors on Thursday,Benzinga reports.

Other analysts have also issued research reports about the stock. Robert W. Baird set a $373.00 price target on shares of MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald raised their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday, May 4th. Finally, The Goldman Sachs Group raised their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Stock Performance

Shares of MYR Group stock opened at $407.22 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market cap of $6.34 billion, a P/E ratio of 44.90 and a beta of 1.32. The firm has a 50 day simple moving average of $390.46 and a 200 day simple moving average of $297.69. MYR Group has a fifty-two week low of $158.48 and a fifty-two week high of $484.71.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.45 earnings per share. Sell-side analysts predict that MYR Group will post 10.59 earnings per share for the current fiscal year.

Insider Buying and Selling at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Several institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the last quarter. Parallel Advisors LLC lifted its position in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares in the last quarter. Acumen Wealth Advisors LLC bought a new stake in MYR Group during the 4th quarter worth about $35,000. Signaturefd LLC lifted its position in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.