MYR Group (NASDAQ:MYRG) Price Target Raised to $296.00

MYR Group (NASDAQ:MYRG) had its price objective boosted by The Goldman Sachs Group from $248.00 to $296.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the utilities provider’s stock.

Several other research firms have also issued reports on MYRG. Cantor Fitzgerald boosted their price target on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research report on Monday. Stifel Nicolaus lifted their price objective on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Finally, Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Stock Down 2.2%

Shares of NASDAQ MYRG opened at $268.50 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $4.17 billion, a PE ratio of 35.66 and a beta of 1.15. MYR Group has a one year low of $97.72 and a one year high of $290.87. The business’s fifty day moving average price is $252.57 and its 200-day moving average price is $222.54.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.99 EPS. On average, equities research analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYRG. Smartleaf Asset Management LLC grew its position in MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 47 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after purchasing an additional 50 shares in the last quarter. MAI Capital Management grew its holdings in shares of 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 purchasing an additional 56 shares during the last quarter. Inspire Investing LLC raised its position in MYR Group by 2.6% in the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after purchasing an additional 56 shares during the period. Finally, Captrust Financial Advisors lifted its stake in MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after purchasing an additional 61 shares during the last quarter. 88.90% of the stock is currently 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.