MYR Group (NASDAQ:MYRG) Price Target Raised to $248.00

MYR Group (NASDAQ:MYRG) had its price objective lifted by The Goldman Sachs Group from $205.00 to $248.00 in a research report report published on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the utilities provider’s stock.

Several other analysts have also recently commented on the stock. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Jefferies Financial Group began coverage on shares of MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 target price for the company. Stifel Nicolaus boosted their price target on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 9th. Finally, Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, November 7th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $201.67.

MYR Group Stock Up 4.3%

NASDAQ:MYRG opened at $229.44 on Friday. The business’s fifty day moving average price is $204.67 and its 200 day moving average price is $186.19. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 37.07 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group has a 1-year low of $97.72 and a 1-year high of $241.13.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The firm had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $0.65 EPS. On average, sell-side analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Several institutional investors have recently bought and sold shares of the stock. Teacher Retirement System of Texas bought a new position in shares of MYR Group in the 1st quarter valued at approximately $267,000. HB Wealth Management LLC bought a new stake in MYR Group during the second quarter worth approximately $224,000. Vanguard Personalized Indexing Management LLC acquired a new position in MYR Group during the second quarter valued at approximately $211,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of MYR Group in the first quarter valued at approximately $1,922,000. Finally, Allspring Global Investments Holdings LLC raised its position in shares of MYR Group by 29.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock valued at $8,797,000 after purchasing an additional 11,107 shares during the period. 88.90% of the stock is currently owned by 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.