MYR Group (NASDAQ:MYRG) Price Target Raised to $311.00

MYR Group (NASDAQ:MYRG) had its price objective boosted by stock analysts at Cantor Fitzgerald from $285.00 to $311.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 15.55% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. The Goldman Sachs Group raised their target price on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Stifel Nicolaus upped their target price on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and a consensus target price of $222.43.

MYR Group Price Performance

MYR Group stock traded down $0.81 during midday trading on Monday, reaching $269.15. The company’s stock had a trading volume of 139,599 shares, compared to its average volume of 229,747. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock has a market cap of $4.18 billion, a PE ratio of 35.70 and a beta of 1.15. MYR Group has a 52 week low of $97.72 and a 52 week high of $290.87. The business has a 50-day moving average price of $249.00 and a 200-day moving average price of $220.58.

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

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently made changes to their positions in MYRG. Wellington Management Group LLP increased its stake in shares of MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in MYR Group in the fourth quarter valued at approximately $47,012,000. Bank of New York Mellon Corp raised its holdings in MYR Group by 97.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the last quarter. Vanguard Group Inc. raised its holdings in MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the period. 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.