MYR Group (NASDAQ:MYRG) Sees Strong Trading Volume – Still a Buy?

MYR Group Inc. (NASDAQ:MYRG) saw unusually-high trading volume on Tuesday . Approximately 210,596 shares changed hands during trading, an increase of 39% from the previous session’s volume of 151,207 shares.The stock last traded at $145.34 and had previously closed at $149.21.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MYRG shares. Robert W. Baird increased their target price 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 lifted their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Finally, Stifel Nicolaus lifted their price target on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Stock Up 1.4 %

The company has a 50 day moving average of $152.36 and a 200-day moving average of $128.24. The company has a market capitalization of $2.35 billion, a P/E ratio of 63.58 and a beta of 0.96. 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 (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business’s revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 earnings per share. As a group, equities analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MYRG. GAMMA Investing LLC increased its position in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares during the period. Principal Financial Group Inc. lifted its stake in shares of MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the period. Tidal Investments LLC boosted its position in shares of MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock valued at $438,000 after purchasing an additional 83 shares in the last quarter. Barclays PLC grew its stake in MYR Group by 192.2% in the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after purchasing an additional 23,013 shares during the period. Finally, Quadrature Capital Ltd grew its stake in MYR Group by 41.0% in the third quarter. Quadrature Capital Ltd now owns 5,564 shares of the utilities provider’s stock worth $569,000 after purchasing an additional 1,618 shares during the period. 88.90% of the stock is currently 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.