MYR Group (NASDAQ:MYRG) Price Target Raised to $172.00

MYR Group (NASDAQ:MYRG) had its price objective raised by stock analysts at Stifel Nicolaus from $153.00 to $172.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ target price indicates a potential upside of 6.47% from the stock’s previous close.

MYRG has been the topic of a number of other research reports. Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. The Goldman Sachs Group upped their price objective on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Price Performance

Shares of MYRG traded up $2.65 during mid-day trading on Wednesday, hitting $161.55. The company’s stock had a trading volume of 22,921 shares, compared to its average volume of 180,327. The firm has a 50-day moving average price of $136.22 and a 200 day moving average price of $127.20. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 70.31 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same quarter in the previous year, the company posted $1.28 EPS. The business’s revenue was down 5.5% compared to the same quarter last year. On average, research analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its position in MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Swedbank AB grew its position in MYR Group by 6.0% in the third quarter. Swedbank AB now owns 267,000 shares of the utilities provider’s stock worth $27,295,000 after acquiring an additional 15,000 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in MYR Group in the third quarter worth approximately $24,145,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of MYR Group by 8.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider’s stock worth $23,825,000 after buying an additional 17,580 shares during the period. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after buying an additional 136,643 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.