MYR Group (NASDAQ:MYRG) Stock Price Expected to Rise, Robert W. Baird Analyst Says

MYR Group (NASDAQ:MYRG) had its price target boosted by Robert W. Baird from $131.00 to $138.00 in a research note released on Thursday, Benzinga reports. Robert W. Baird currently has an outperform rating on the utilities provider’s stock.

A number of other equities analysts also recently commented on MYRG. Stifel Nicolaus cut their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. The Goldman Sachs Group dropped their price target on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Finally, StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, MYR Group currently has an average rating of “Hold” and an average target price of $136.50.

MYR Group Stock Down 0.5 %

MYRG traded down $0.69 on Thursday, reaching $130.31. The company’s stock had a trading volume of 147,666 shares, compared to its average volume of 175,012. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 57.21 and a beta of 0.93. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $105.57 and a two-hundred day moving average of $128.97.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 5.91%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the prior year, the firm earned $1.28 EPS. MYR Group’s revenue for the quarter was down 5.5% on a year-over-year basis. As a group, analysts forecast that MYR Group will post 0.88 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fidelis Capital Partners LLC bought a new stake in shares of MYR Group in the 1st quarter worth about $48,000. DekaBank Deutsche Girozentrale acquired a new position in MYR Group in the third quarter worth about $116,000. Covestor Ltd increased its holdings 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 buying an additional 132 shares during the last quarter. RiverPark Advisors LLC raised its stake in MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after buying an additional 196 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new position in MYR Group during the 1st quarter worth approximately $186,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Company Profile

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.