Brokerages Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $170.75

Shares of MYR Group Inc. (NASDAQ:MYRG) have been given an average rating of “Moderate Buy” by the five brokerages that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $173.25.

Several equities research analysts have recently commented on the company. Stifel Nicolaus reduced their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, April 16th. Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a research report on Monday, February 26th. Robert W. Baird decreased their target price on MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating for the company.

MYR Group Trading Down 5.3 %

Shares of MYRG stock opened at $143.92 on Thursday. The stock has a 50-day simple moving average of $165.49 and a 200 day simple moving average of $146.70. The stock has a market capitalization of $2.41 billion, a P/E ratio of 27.89 and a beta of 1.10. The company has a quick ratio of 1.37, a current ratio of 1.40 and a debt-to-equity ratio of 0.05. MYR Group has a fifty-two week low of $110.87 and a fifty-two week high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The firm had revenue of $815.56 million during the quarter, compared to analysts’ expectations of $854.13 million. During the same period last year, the firm posted $1.38 earnings per share. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. On average, sell-side analysts expect that MYR Group will post 6.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several large investors have recently made changes to their positions in the company. Daiwa Securities Group Inc. acquired a new stake in MYR Group in the fourth quarter valued at approximately $29,000. Fidelis Capital Partners LLC bought a new stake in MYR Group in the first quarter worth $48,000. Quest Partners LLC acquired a new position in MYR Group during the fourth quarter worth $60,000. GAMMA Investing LLC bought a new position in MYR Group during the fourth quarter valued at about $62,000. Finally, Planned Solutions Inc. acquired a new stake in shares of MYR Group in the fourth quarter worth about $130,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.