MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The firm presently has a $42.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.67% from the company’s current price.
According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “
Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of MYR Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Canaccord Genuity upped their price target on shares of MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday. Robert W. Baird reaffirmed an “outperform” rating on shares of MYR Group in a research report on Thursday, March 8th. KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a research report on Friday, November 24th. Finally, B. Riley upped their price target on shares of MYR Group from $28.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $36.00.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, March 7th. The utilities provider reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The business had revenue of $373.50 million for the quarter, compared to the consensus estimate of $373.85 million. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 EPS. sell-side analysts anticipate that MYR Group will post 1.79 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $201,000. Leucadia National Corp purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $225,000. Raymond James & Associates purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $236,000. MetLife Investment Advisors LLC purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $246,000. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of MYR Group in the 4th quarter worth approximately $254,000. 89.25% of the stock is owned by hedge funds and other institutional investors.
About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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