Stifel Nicolaus Boosts MYR Group (NASDAQ:MYRG) Price Target to $110.00

MYR Group (NASDAQ:MYRGGet Rating) had its price target hoisted by Stifel Nicolaus from $101.00 to $110.00 in a research note issued to investors on Tuesday, The Fly reports.

Separately, StockNews.com upgraded shares of MYR Group from a hold rating to a buy rating in a research note on Friday, July 29th.

MYR Group Trading Up 0.4 %

MYRG opened at $95.05 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.39 and a quick ratio of 1.39. MYR Group has a fifty-two week low of $74.77 and a fifty-two week high of $121.22. The firm has a market capitalization of $1.58 billion, a PE ratio of 19.36 and a beta of 1.10. The company’s 50-day moving average is $89.32 and its 200 day moving average is $90.32.

MYR Group (NASDAQ:MYRGGet Rating) last posted its earnings results on Wednesday, July 27th. The utilities provider reported $1.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.05. The company had revenue of $708.11 million for the quarter, compared to analyst estimates of $681.15 million. MYR Group had a net margin of 3.24% and a return on equity of 16.18%. The firm’s revenue was up 9.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.24 EPS. As a group, research analysts predict that MYR Group will post 4.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pinebridge Investments L.P. bought a new position in shares of MYR Group during the 4th quarter valued at approximately $44,000. Meeder Asset Management Inc. grew its position in shares of MYR Group by 15.8% during the 1st quarter. Meeder Asset Management Inc. now owns 2,022 shares of the utilities provider’s stock valued at $190,000 after acquiring an additional 276 shares during the period. USA Financial Portformulas Corp grew its position in shares of MYR Group by 18.3% during the 4th quarter. USA Financial Portformulas Corp now owns 1,808 shares of the utilities provider’s stock valued at $200,000 after acquiring an additional 280 shares during the period. Gotham Asset Management LLC bought a new position in shares of MYR Group during the 4th quarter valued at approximately $214,000. Finally, GW Henssler & Associates Ltd. bought a new position in shares of MYR Group during the 2nd quarter valued at approximately $217,000. Hedge funds and other institutional investors own 86.17% of the company’s stock.

MYR Group Company Profile

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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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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