MYR Group (NASDAQ:MYRG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a report released on Sunday morning.

Several other equities analysts have also recently weighed in on MYRG. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 15th. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Finally, Stifel Nicolaus upped their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $201.67.

MYR Group Trading Down 0.1%

MYRG opened at $227.31 on Friday. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $241.13. The firm has a market capitalization of $3.53 billion, a PE ratio of 36.72 and a beta of 1.20. 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 company’s 50-day moving average is $220.58 and its 200 day moving average is $197.90.

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

Insiders Place Their Bets

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Bancorp USA Inc. purchased a new stake in MYR Group in the 3rd quarter worth about $342,000. Hancock Whitney Corp bought a new position in MYR Group during the third quarter worth about $674,000. NewEdge Advisors LLC increased its stake in shares of MYR Group by 1,384.8% in the third quarter. NewEdge Advisors LLC now owns 1,173 shares of the utilities provider’s stock worth $244,000 after purchasing an additional 1,094 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of MYR Group by 2.2% in the third quarter. CANADA LIFE ASSURANCE Co now owns 13,126 shares of the utilities provider’s stock valued at $2,716,000 after purchasing an additional 278 shares during the period. Finally, Voleon Capital Management LP purchased a new stake in shares of MYR Group during the third quarter worth $335,000. Institutional investors own 88.90% of the company’s stock.

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.