MYR Group (NASDAQ:MYRG) Upgraded to “Strong-Buy” at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of MYR Group (NASDAQ:MYRG) to a strong-buy rating in a research note issued to investors on Friday,Zacks.com reports.

Several other brokerages have also commented on MYRG. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Stifel Nicolaus boosted their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Finally, Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $213.57.

MYR Group Stock Down 2.2%

NASDAQ:MYRG opened at $244.60 on Friday. The company’s 50-day simple moving average is $226.49 and its 200-day simple moving average is $206.97. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $263.48. The stock has a market capitalization of $3.80 billion, a P/E ratio of 39.52 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. MYR Group’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 earnings per share. On average, equities analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently added to or reduced their stakes in MYRG. Royal Bank of Canada raised its stake in shares of MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after buying an additional 2,205 shares during the last quarter. AQR Capital Management LLC raised its position in MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. raised its position in MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in MYR Group in the second quarter valued at approximately $383,000. Finally, UMB Bank n.a. boosted its position in MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 141 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other 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.