MYR Group (NASDAQ:MYRG) Sets New 52-Week High Following Earnings Beat

MYR Group, Inc. (NASDAQ:MYRG)’s stock price hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $290.87 and last traded at $271.9580, with a volume of 41412 shares traded. The stock had previously closed at $274.01.

The utilities provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.60. The firm had revenue of $973.54 million during the quarter, compared to analysts’ expectations of $897.73 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 EPS.

Analysts Set New Price Targets

MYRG has been the subject of several recent analyst reports. The Goldman Sachs Group raised their price target on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Cantor Fitzgerald initiated coverage on shares of MYR Group in a research report on Friday, January 23rd. They set an “overweight” rating and a $285.00 target price on the stock. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Finally, Stifel Nicolaus raised their target price on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $218.71.

Hedge Funds Weigh In On MYR Group

Several large investors have recently made changes to their positions in MYRG. Royal Bank of Canada raised its position in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares during the period. AQR Capital Management LLC grew its position in shares of MYR Group by 124.5% in the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its position in shares of MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares during the last quarter. Ethic Inc. acquired a new stake in MYR Group in the 2nd quarter worth about $301,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of MYR Group during the second quarter valued at approximately $218,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Trading Down 3.1%

The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 42.74 and a beta of 1.17. The company has a 50 day moving average of $246.91 and a 200 day moving average of $219.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.