MYR Group (NASDAQ:MYRG) Shares Up 7.3% – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG)’s stock price shot up 7.3% during mid-day trading on Tuesday. The stock traded as high as $323.23 and last traded at $324.6410. 31,679 shares were traded during trading, a decline of 89% from the average session volume of 278,166 shares. The stock had previously closed at $302.65.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Jefferies Financial Group upgraded MYR Group from a “hold” rating to a “buy” rating and reduced their price target for the company from $377.00 to $370.00 in a research report on Tuesday. Weiss Ratings lowered MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th. The Goldman Sachs Group reduced their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. Finally, Robert W. Baird set a $375.00 target price on shares of MYR Group in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $446.80.

MYR Group Stock Up 7.3%

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market cap of $5.06 billion, a PE ratio of 30.91 and a beta of 1.32. The company has a fifty day moving average price of $305.51 and a 200 day moving average price of $363.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the firm posted $1.70 earnings per share. MYR Group’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently added to or reduced their stakes in MYRG. BlackRock Inc. purchased a new stake in MYR Group in the 2nd quarter worth approximately $1,232,294,000. Bank of America Corp DE bought a new stake in MYR Group during the second quarter worth about $61,365,000. Bank of New York Mellon Corp purchased a new stake in shares of MYR Group in the 2nd quarter worth approximately $53,361,000. Neumeier Poma Investment Counsel LLC bought a new position in shares of MYR Group during the second quarter valued at $50,008,475. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of MYR Group by 220.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 101,072 shares of the utilities provider’s stock worth $28,535,000 after buying an additional 69,532 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.