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

MYR Group (NASDAQ:MYRG) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, Zacks reports.

A number of other brokerages have also recently issued reports on MYRG. Stifel Nicolaus lowered their target price on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $361.00 target price on the stock in a research report on Thursday. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Jefferies Financial Group raised MYR Group from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $377.00 to $370.00 in a report on Tuesday, October 6th. Finally, Weiss Ratings downgraded MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $397.00.

MYR Group Stock Performance

NASDAQ MYRG opened at $263.89 on Tuesday. The company’s 50 day moving average is $287.92 and its 200-day moving average is $334.06. MYR Group has a 12-month low of $199.30 and a 12-month high of $503.57. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market cap of $4.11 billion, a P/E ratio of 21.44 and a beta of 1.36.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.16 billion. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. MYR Group’s revenue was up 32.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 EPS. Sell-side analysts predict that MYR Group will post 13.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MYRG. Pinnacle Wealth Planning Services Inc. increased its stake in MYR Group by 8.9% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 514 shares of the utilities provider’s stock worth $150,000 after acquiring an additional 42 shares during the last quarter. Kilter Group LLC bought a new stake in shares of MYR Group during the 2nd quarter valued at about $25,000. Richardson Financial Services Inc. boosted its position in shares of MYR Group by 169.7% during the 3rd quarter. Richardson Financial Services Inc. now owns 89 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 56 shares during the last quarter. Covestor Ltd boosted its position in shares of MYR Group by 29.5% during the 3rd quarter. Covestor Ltd now owns 246 shares of the utilities provider’s stock valued at $72,000 after acquiring an additional 56 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new position in shares of MYR Group during the second quarter worth about $30,000. 88.90% of the stock is owned by institutional investors.

About MYR Group

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.