Stifel Nicolaus Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

MYR Group (NASDAQ:MYRG) had its price objective increased by stock analysts at Stifel Nicolaus from $262.00 to $305.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 11.06% from the company’s current price.

MYRG has been the subject of several other research reports. The Goldman Sachs Group lifted their price target on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday. Wall Street Zen upgraded 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 research report on Thursday, January 22nd. Cantor Fitzgerald lifted their price target on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a report on Monday. Finally, Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and an average target price of $235.43.

MYR Group Trading Up 1.8%

Shares of MYRG opened at $274.62 on Tuesday. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $290.87. The company has a market capitalization of $4.27 billion, a PE ratio of 36.47 and a beta of 1.15. The stock has a fifty day moving average of $251.73 and a two-hundred day moving average of $222.22. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. The business had revenue of $973.54 million during the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 earnings per share. As a group, analysts forecast that MYR Group will post 1.16 EPS for the current year.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently made changes to their positions in MYRG. Wellington Management Group LLP increased its holdings in MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after purchasing an additional 396,502 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in shares of MYR Group in the fourth quarter worth about $47,012,000. Bank of New York Mellon Corp grew its stake in shares of MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after buying an additional 172,962 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares during the period. Finally, Invesco Ltd. lifted its position in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.