MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has been assigned an average rating of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $358.1667.

A number of research firms recently weighed in on MYRG. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. The Goldman Sachs Group boosted their target price on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Cantor Fitzgerald boosted their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday. Finally, Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd.

MYR Group Stock Up 4.9%

MYRG stock opened at $445.72 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. MYR Group has a 1-year low of $159.61 and a 1-year high of $484.71. The business’s 50 day simple moving average is $396.45 and its 200 day simple moving average is $300.28.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.45 EPS. As a group, research analysts anticipate that MYR Group will post 10.92 EPS for the current year.

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Institutional Trading of MYR Group

Several institutional investors have recently added to or reduced their stakes in MYRG. Farther Finance Advisors LLC boosted its stake in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC boosted its stake in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC bought a new stake in MYR Group in the 4th quarter valued at $35,000. Signaturefd LLC boosted its stake in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the period. Finally, Hantz Financial Services Inc. boosted its stake in MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 160 shares during the period. 88.90% of the stock is currently owned by institutional investors.

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.