MYR Group (NASDAQ:MYRG) Price Target Raised to $262.00

MYR Group (NASDAQ:MYRG) had its price objective increased by Stifel Nicolaus from $237.00 to $262.00 in a report released on Monday morning, MarketBeat reports. Stifel Nicolaus currently has a buy rating on the utilities provider’s stock.

A number of other research firms have also recently weighed in on MYRG. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Finally, Cantor Fitzgerald assumed coverage on shares of MYR Group in a research note on Friday, January 23rd. They set an “overweight” rating and a $285.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Stock Down 0.6%

Shares of NASDAQ MYRG opened at $251.55 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a 12-month low of $97.72 and a 12-month high of $263.48. The firm’s 50-day moving average price is $228.43 and its 200-day moving average price is $208.58. The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of 40.64 and a beta of 1.18.

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

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Several institutional investors have recently bought and sold shares of the business. MAI Capital Management boosted its position in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MYR Group during the second quarter valued at about $34,000. Elevation Point Wealth Partners LLC purchased a new position in MYR Group in the second quarter valued at about $34,000. Finally, Salomon & Ludwin LLC bought a new position in MYR Group in the third quarter worth about $34,000. 88.90% of the stock is owned by hedge funds and other 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.