MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, Zacks.com reports. The firm currently has a $38.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.57% from the stock’s previous close.
According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “
Several other research analysts have also issued reports on MYRG. BidaskClub lowered shares of MYR Group from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 22nd. Stifel Nicolaus raised shares of MYR Group from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $32.00 to $39.00 in a report on Thursday, May 16th. ValuEngine downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Finally, Robert W. Baird set a $34.00 price target on MYR Group and gave the company a “hold” rating in a research report on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. MYR Group has a consensus rating of “Hold” and a consensus target price of $37.50.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $468.10 million for the quarter, compared to analyst estimates of $395.83 million. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. MYR Group’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same period last year, the firm earned $0.34 earnings per share. On average, research analysts anticipate that MYR Group will post 2.36 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MYRG. Quantamental Technologies LLC purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $28,000. BNP Paribas Arbitrage SA raised its holdings in MYR Group by 698.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock valued at $116,000 after acquiring an additional 2,939 shares during the last quarter. Bank of Montreal Can increased its holdings in shares of MYR Group by 386.6% during the 1st quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock worth $179,000 after buying an additional 4,106 shares during the last quarter. Marshall Wace North America L.P. acquired a new stake in shares of MYR Group during the 1st quarter worth $180,000. Finally, Metropolitan Life Insurance Co. NY increased its holdings in shares of MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after buying an additional 4,828 shares during the last quarter. 89.56% of the stock is currently owned by hedge funds and other 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.
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