MYR Group (NASDAQ:MYRG) Stock Rating Upgraded by Wall Street Zen

MYR Group (NASDAQ:MYRG) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Monday.

MYRG has been the topic of several other research reports. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Thursday, November 13th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. The Goldman Sachs Group upped their target price on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Jefferies Financial Group started coverage on MYR Group in a report on Friday, August 15th. They issued a “hold” rating and a $202.00 target price for the company. Finally, Stifel Nicolaus boosted their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, MYR Group currently has an average rating of “Hold” and an average target price of $201.67.

MYR Group Stock Performance

NASDAQ:MYRG opened at $221.72 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $241.13. The company has a 50 day simple moving average of $206.45 and a two-hundred day simple moving average of $187.18. The company has a market capitalization of $3.44 billion, a PE ratio of 35.82 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the previous year, the company earned $0.65 EPS. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. Research analysts anticipate that MYR Group will post 1.16 earnings per share for the current year.

Insiders Place Their Bets

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Large investors have recently modified their holdings of the company. Maseco LLP acquired a new stake in MYR Group in the 2nd quarter valued at $28,000. Quarry LP lifted its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock valued at $31,000 after buying an additional 179 shares in the last quarter. MAI Capital Management grew its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group during the second quarter valued at about $34,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of MYR Group during the second quarter worth about $34,000. 88.90% of the stock is currently owned by 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.