MYR Group Inc. (NASDAQ:MYRG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG) have been given an average recommendation of “Moderate Buy” by the four research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $170.75.

A number of analysts recently issued reports on the company. Sidoti lowered MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a report on Monday, February 26th. Robert W. Baird lowered their target price on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday. Stifel Nicolaus lowered their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. Finally, KeyCorp assumed coverage on MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating for the company.

Hedge Funds Weigh In On MYR Group

Large investors have recently made changes to their positions in the business. Daiwa Securities Group Inc. acquired a new position in shares of MYR Group during the fourth quarter worth $29,000. Quest Partners LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $60,000. GAMMA Investing LLC acquired a new position in shares of MYR Group in the 4th quarter valued at $62,000. Planned Solutions Inc. acquired a new position in shares of MYR Group in the 4th quarter valued at $130,000. Finally, Quantbot Technologies LP increased its position in shares of MYR Group by 446.3% in the 3rd quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 1,205 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Down 0.9 %

Shares of NASDAQ MYRG opened at $164.82 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 30.41 and a beta of 1.10. The stock has a 50 day moving average price of $165.89 and a 200 day moving average price of $146.38. MYR Group has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. MYR Group’s quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.46 earnings per share. Sell-side analysts expect that MYR Group will post 6.64 earnings per share for the current year.

About MYR Group

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.