MYR Group (NASDAQ:MYRG) Trading 4.3% Higher – Should You Buy?

MYR Group Inc. (NASDAQ:MYRG) shot up 4.3% during mid-day trading on Tuesday . The stock traded as high as $126.16 and last traded at $125.71. 275,537 shares traded hands during trading, an increase of 41% from the average session volume of 194,947 shares. The stock had previously closed at $120.50.

Analyst Ratings Changes

MYRG has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Finally, KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a research note on Friday. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $155.00.

MYR Group Stock Performance

The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 54.79 and a beta of 0.93. The firm’s fifty day moving average price is $134.60 and its 200 day moving average price is $131.90.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. MCF Advisors LLC increased its stake in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after buying an additional 141 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in MYR Group during the 4th quarter worth approximately $47,000. Smartleaf Asset Management LLC lifted its holdings in MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after buying an additional 286 shares in the last quarter. GAMMA Investing LLC lifted its holdings in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after buying an additional 118 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its holdings in MYR Group by 13.2% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock worth $92,000 after buying an additional 72 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.