MYR Group (NASDAQ:MYRG) Price Target Raised to $311.00 at Cantor Fitzgerald

MYR Group (NASDAQ:MYRG) had its price objective upped by analysts at Cantor Fitzgerald from $285.00 to $311.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Cantor Fitzgerald’s target price indicates a potential upside of 15.55% from the company’s previous close.

Several other analysts also recently commented on the stock. Stifel Nicolaus lifted their target price on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Finally, The Goldman Sachs Group increased their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $222.43.

MYR Group Stock Performance

Shares of MYRG traded down $0.81 during mid-day trading on Monday, reaching $269.15. The company’s stock had a trading volume of 139,599 shares, compared to its average volume of 229,747. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group has a 1-year low of $97.72 and a 1-year high of $290.87. The business has a 50-day simple moving average of $249.00 and a two-hundred day simple moving average of $220.58. The stock has a market cap of $4.18 billion, a P/E ratio of 35.70 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.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 previous year, the firm earned $0.99 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. As a group, equities research analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its stake in MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after buying an additional 2,205 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after acquiring an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in MYR Group during the second quarter valued at approximately $661,000. Finally, Teacher Retirement System of Texas raised its position in MYR Group by 3.9% during the second quarter. Teacher Retirement System of Texas now owns 2,453 shares of the utilities provider’s stock valued at $445,000 after purchasing an additional 92 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Company Profile

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.