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

MYR Group (NASDAQ:MYRG) had its price objective upped by research analysts at The Goldman Sachs Group from $124.00 to $153.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 13.01% from the company’s current price.

Several other research firms have also weighed in on MYRG. Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Finally, Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $143.75.

MYR Group Stock Performance

MYRG stock traded up $5.30 on Monday, reaching $135.39. 131,141 shares of the company were exchanged, compared to its average volume of 176,433. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The stock’s fifty day moving average price is $106.69 and its 200 day moving average price is $128.48. The firm has a market capitalization of $2.18 billion, a PE ratio of 58.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.36.

MYR Group (NASDAQ:MYRG) last announced its 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. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. MYR Group’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 earnings per share. On average, research analysts anticipate that MYR Group will post 0.88 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MYRG. Capital World Investors lifted its position in MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after purchasing an additional 831,066 shares during the period. Swedbank AB acquired a new position in MYR Group during the 1st quarter valued at about $51,452,000. Assenagon Asset Management S.A. lifted its position in MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. TimesSquare Capital Management LLC increased its stake in shares of MYR Group by 178.5% in the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after acquiring an additional 136,643 shares during the last quarter. Finally, F M Investments LLC bought a new stake in shares of MYR Group in the 2nd quarter valued at about $10,800,000. 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.