Zacks Research Upgrades MYR Group (NASDAQ:MYRG) to “Strong-Buy”

MYR Group (NASDAQ:MYRG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Clear Str raised MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Finally, Cantor Fitzgerald boosted their target price on MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Price Performance

MYRG traded down $6.54 during trading on Tuesday, reaching $268.08. The stock had a trading volume of 202,387 shares, compared to its average volume of 238,076. The business has a 50-day moving average of $251.73 and a 200-day moving average of $222.22. MYR Group has a one year low of $97.72 and a one year high of $290.87. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $4.17 billion, a PE ratio of 35.60 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (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 return on equity of 19.66% and a net margin of 3.24%.The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.99 EPS. As a group, equities research analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Institutional investors have recently added to or reduced their stakes in the company. CWA Asset Management Group LLC purchased a new stake in MYR Group in the third quarter worth approximately $1,506,000. Russell Investments Group Ltd. grew its stake in shares of MYR Group by 22.4% during the 2nd quarter. Russell Investments Group Ltd. now owns 75,878 shares of the utilities provider’s stock valued at $13,768,000 after purchasing an additional 13,889 shares during the period. XTX Topco Ltd grew its position in MYR Group by 110.0% during the second quarter. XTX Topco Ltd now owns 9,593 shares of the utilities provider’s stock valued at $1,741,000 after buying an additional 5,024 shares during the period. Prudential Financial Inc. increased its holdings in MYR Group by 62.7% during the second quarter. Prudential Financial Inc. now owns 26,975 shares of the utilities provider’s stock valued at $4,895,000 after buying an additional 10,391 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in MYR Group in the third quarter worth approximately $1,516,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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.