MYR Group, Inc. (NASDAQ:MYRG) Stock Rated “Moderate Buy” by Sell-Side Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have received a consensus rating of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $404.20.

Several analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Robert W. Baird set a $363.00 price objective on shares of MYR Group in a research report on Thursday, October 29th. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Stifel Nicolaus decreased their price target on MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Finally, Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th.

MYR Group Stock Performance

Shares of MYR Group stock opened at $291.59 on Wednesday. The firm has a market capitalization of $4.54 billion, a P/E ratio of 23.69 and a beta of 1.36. MYR Group has a 52 week low of $199.30 and a 52 week high of $503.57. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm’s 50 day moving average is $288.57 and its two-hundred day moving average is $333.97.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $1.16 billion. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. The company’s quarterly revenue was up 32.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.05 EPS. Research analysts forecast that MYR Group will post 12.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ethic Inc. boosted its position in MYR Group by 225.3% during the 3rd quarter. Ethic Inc. now owns 4,144 shares of the utilities provider’s stock valued at $1,212,000 after purchasing an additional 2,870 shares during the period. Abacus Wealth Partners LLC boosted its holdings in shares of MYR Group by 3.4% during the third quarter. Abacus Wealth Partners LLC now owns 2,020 shares of the utilities provider’s stock valued at $591,000 after acquiring an additional 67 shares during the period. Alps Advisors Inc. grew its position in shares of MYR Group by 104.1% during the third quarter. Alps Advisors Inc. now owns 8,148 shares of the utilities provider’s stock worth $2,383,000 after acquiring an additional 4,155 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of MYR Group by 34.7% during the third quarter. Commonwealth Equity Services LLC now owns 2,075 shares of the utilities provider’s stock worth $607,000 after acquiring an additional 534 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of MYR Group by 29.5% in the 3rd quarter. Covestor Ltd now owns 246 shares of the utilities provider’s stock worth $72,000 after acquiring an additional 56 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.