MYR Group (NASDAQ:MYRG) Reaches New 52-Week High – Here’s Why

Shares of MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high on Wednesday . The company traded as high as $310.22 and last traded at $300.7160, with a volume of 58634 shares changing hands. The stock had previously closed at $288.85.

Wall Street Analyst Weigh In

MYRG has been the topic of a number of recent research reports. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group upped their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Cantor Fitzgerald upped their price objective on MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.43.

MYR Group Price Performance

The firm has a 50 day moving average price of $270.07 and a 200 day moving average price of $237.96. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock has a market cap of $4.68 billion, a P/E ratio of 40.07 and a beta of 1.07.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, topping the consensus estimate of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. During the same quarter last year, the company earned $0.99 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Royal Bank of Canada raised its stake in MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after purchasing an additional 2,205 shares during the period. AQR Capital Management LLC raised its stake in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its stake in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after purchasing an additional 1,437 shares during the period. Cetera Investment Advisers bought a new stake in MYR Group during the 2nd quarter valued at approximately $221,000. Finally, Norges Bank bought a new stake in MYR Group during the 2nd quarter valued at approximately $11,141,000. Institutional investors own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.