MYR Group Inc. (NASDAQ:MYRG) Given Consensus Rating of “Moderate Buy” by Brokerages

MYR Group Inc. (NASDAQ:MYRG) has been given an average recommendation of “Moderate Buy” by the five research firms that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $147.75.

MYRG has been the subject of a number of recent research reports. Stifel Nicolaus cut their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Robert W. Baird reduced their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently made changes to their positions in MYRG. Capital World Investors grew its holdings in MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after purchasing an additional 831,066 shares during the last quarter. Swedbank AB bought a new position in shares of MYR Group during the first quarter valued at approximately $51,452,000. Artisan Partners Limited Partnership purchased a new stake in shares of MYR Group in the fourth quarter worth approximately $15,659,000. F M Investments LLC bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $10,800,000. Finally, Townsend & Associates Inc boosted its holdings in MYR Group by 89.5% during the 4th quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock valued at $13,424,000 after acquiring an additional 45,173 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.8 %

Shares of MYRG stock opened at $99.99 on Friday. The company’s fifty day simple moving average is $132.86 and its two-hundred day simple moving average is $150.73. MYR Group has a 52 week low of $92.48 and a 52 week high of $181.02. The stock has a market cap of $1.68 billion, a P/E ratio of 19.38 and a beta of 0.99. The company has a quick ratio of 1.40, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. MYR Group’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. Analysts predict that MYR Group will post 5.4 EPS for the current fiscal year.

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.