MYR Group (NASDAQ:MYRG) Price Target Raised to $153.00

MYR Group (NASDAQ:MYRG) had its price objective lifted by The Goldman Sachs Group from $124.00 to $153.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

Several other brokerages also recently issued reports on MYRG. Stifel Nicolaus lowered their price target 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 upped their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Stock Down 3.0 %

Shares of NASDAQ:MYRG opened at $145.23 on Monday. The company has a fifty day moving average of $109.97 and a 200-day moving average of $128.20. The company has a market capitalization of $2.34 billion, a PE ratio of 63.42 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results 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. The company had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. On average, equities analysts predict that MYR Group will post 0.88 EPS for the current fiscal year.

Institutional Trading of MYR Group

Institutional investors have recently bought and sold shares of the company. UniSuper Management Pty Ltd bought a new stake in MYR Group during the first quarter valued at $645,000. Trillium Asset Management LLC boosted its position in MYR Group by 60.3% during the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock valued at $13,733,000 after acquiring an additional 29,215 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in MYR Group during the first quarter valued at $1,359,000. Capital World Investors boosted its position in MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after acquiring an additional 831,066 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in MYR Group during the second quarter valued at $5,163,000. Institutional investors own 88.90% of the company’s stock.

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.