MYR Group Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG) have earned a consensus recommendation of “Moderate Buy” from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $147.75.

Several research analysts have commented on MYRG shares. Robert W. Baird lowered their price objective on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus lowered their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. bought a new stake in shares of MYR Group during the fourth quarter worth $29,000. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group during the 1st quarter valued at $48,000. Quest Partners LLC bought a new stake in MYR Group during the 4th quarter worth $60,000. GAMMA Investing LLC acquired a new position in MYR Group in the 4th quarter worth about $62,000. Finally, Covestor Ltd raised its position in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 0.7 %

MYRG stock opened at $101.60 on Friday. MYR Group has a 52 week low of $92.48 and a 52 week high of $181.02. The business has a 50-day simple moving average of $131.89 and a 200 day simple moving average of $150.40. The company has a quick ratio of 1.40, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.70 billion, a PE ratio of 19.69 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same quarter in the previous year, the firm posted $1.33 earnings per share. MYR Group’s quarterly revenue was down 6.7% compared to the same quarter last year. Sell-side analysts anticipate that MYR Group will post 5.4 EPS for the current fiscal year.

About MYR Group

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.