MYR Group (NASDAQ:MYRG) Price Target Raised to $311.00

MYR Group (NASDAQ:MYRG) had its target price lifted by Cantor Fitzgerald from $285.00 to $311.00 in a report published on Monday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the utilities provider’s stock.

Several other brokerages have also commented on MYRG. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group lifted their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Finally, Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. One research 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.43.

MYR Group Price Performance

MYRG stock opened at $274.62 on Monday. The firm has a 50 day simple moving average of $251.73 and a two-hundred day simple moving average of $222.22. The stock has a market cap of $4.27 billion, a PE ratio of 36.47 and a beta of 1.15. MYR Group has a one year low of $97.72 and a one year high of $290.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33.

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

Hedge Funds Weigh In On MYR Group

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its holdings in shares of MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA bought a new position in MYR Group during the 4th quarter valued at approximately $47,012,000. Bank of New York Mellon Corp lifted its holdings in MYR Group by 97.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after buying an additional 172,962 shares during the period. Vanguard Group Inc. grew its position in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after buying an additional 157,157 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of MYR Group by 59.9% during the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after buying an additional 91,923 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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.