Analysts Set MYR Group Inc (NASDAQ:MYRG) Target Price at $36.33

Shares of MYR Group Inc (NASDAQ:MYRG) have been assigned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $36.33.

Several brokerages have issued reports on MYRG. ValuEngine raised MYR Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $35.00 to $36.00 in a research note on Wednesday, September 11th. BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Zacks Investment Research lowered MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 16th. Finally, B. Riley dropped their price target on MYR Group from $39.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd.

Several large investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of MYR Group by 6.7% during the second quarter. BlackRock Inc. now owns 2,681,268 shares of the utilities provider’s stock worth $100,145,000 after purchasing an additional 167,329 shares during the period. Vanguard Group Inc. raised its position in shares of MYR Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 1,040,013 shares of the utilities provider’s stock worth $38,844,000 after purchasing an additional 7,359 shares during the period. Investment Counselors of Maryland LLC raised its position in shares of MYR Group by 0.9% during the second quarter. Investment Counselors of Maryland LLC now owns 700,709 shares of the utilities provider’s stock worth $26,171,000 after purchasing an additional 6,130 shares during the period. Wells Fargo & Company MN raised its position in shares of MYR Group by 84.4% during the second quarter. Wells Fargo & Company MN now owns 287,183 shares of the utilities provider’s stock worth $10,726,000 after purchasing an additional 131,451 shares during the period. Finally, Invesco Ltd. raised its position in shares of MYR Group by 38.1% during the second quarter. Invesco Ltd. now owns 286,474 shares of the utilities provider’s stock worth $10,700,000 after purchasing an additional 79,032 shares during the period. 90.90% of the stock is currently owned by institutional investors.

Shares of MYR Group stock traded up $0.65 during midday trading on Monday, reaching $32.57. The company had a trading volume of 70,800 shares, compared to its average volume of 64,913. The stock has a fifty day moving average price of $30.73 and a 200 day moving average price of $33.28. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.69 and a quick ratio of 1.69. The firm has a market cap of $513.60 million, a PE ratio of 17.45 and a beta of 0.92. MYR Group has a fifty-two week low of $26.24 and a fifty-two week high of $38.14.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.17). MYR Group had a net margin of 1.88% and a return on equity of 10.15%. The business had revenue of $448.80 million during the quarter, compared to analyst estimates of $445.20 million. During the same period last year, the firm posted $0.41 earnings per share. MYR Group’s quarterly revenue was up 32.1% compared to the same quarter last year. As a group, sell-side analysts forecast that MYR Group will post 2.09 EPS for the current year.

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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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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