MYR Group (NASDAQ:MYRG) Shares Gap Up – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $221.15, but opened at $227.52. MYR Group shares last traded at $225.1010, with a volume of 11,432 shares trading hands.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 15th. Stifel Nicolaus upped their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.67.

MYR Group Stock Performance

The business’s fifty day moving average price is $220.15 and its 200-day moving average price is $197.47. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The stock has a market capitalization of $3.52 billion, a PE ratio of 36.57 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. During the same quarter in the prior year, the firm posted $0.65 EPS. MYR Group’s revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Insider Transactions at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MYRG. Vanguard Group Inc. raised its stake in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of MYR Group by 69.2% in the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after buying an additional 255,493 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of MYR Group by 0.9% during the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after buying an additional 4,203 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MYR Group by 1.2% during the 3rd quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock worth $79,117,000 after acquiring an additional 4,353 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after acquiring an additional 172,962 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

About MYR Group

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.