The Goldman Sachs Group Increases MYR Group (NASDAQ:MYRG) Price Target to $153.00

MYR Group (NASDAQ:MYRG) had its price target lifted by investment analysts at The Goldman Sachs Group from $124.00 to $153.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the utilities provider’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 13.01% from the company’s previous close.

Other analysts also recently issued reports about the stock. Robert W. Baird lifted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Finally, Stifel Nicolaus lowered their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $143.75.

MYR Group Stock Up 4.1 %

MYRG stock traded up $5.30 during mid-day trading on Monday, hitting $135.39. 131,141 shares of the company were exchanged, compared to its average volume of 176,433. The company has a market capitalization of $2.18 billion, a PE ratio of 58.95 and a beta of 0.89. The company has a current ratio of 1.35, a quick ratio of 1.36 and a debt-to-equity ratio of 0.15. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The firm has a fifty day simple moving average of $106.69 and a 200 day simple moving average of $128.48.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same period last year, the firm posted $1.28 EPS. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, research analysts forecast that MYR Group will post 0.88 earnings per share for the current fiscal year.

Institutional Trading of MYR Group

A number of institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its stake in shares of MYR Group by 22.3% in the first quarter. BNP Paribas Financial Markets now owns 15,723 shares of the utilities provider’s stock worth $2,779,000 after buying an additional 2,871 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of MYR Group by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after buying an additional 131 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group in the first quarter worth $48,000. Essex Investment Management Co. LLC acquired a new stake in shares of MYR Group in the first quarter worth $1,359,000. Finally, Texas Permanent School Fund Corp lifted its stake in shares of MYR Group by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 14,624 shares of the utilities provider’s stock worth $2,585,000 after buying an additional 189 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.