The Goldman Sachs Group Boosts MYR Group (NASDAQ:MYRG) Price Target to $153.00

MYR Group (NASDAQ:MYRG) had its target price increased by The Goldman Sachs Group from $124.00 to $153.00 in a research note released on Monday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the utilities provider’s stock.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus dropped their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Robert W. Baird increased their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, StockNews.com lowered MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $143.75.

MYR Group Stock Performance

Shares of MYR Group stock opened at $133.24 on Monday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $106.69 and its two-hundred day moving average is $128.25. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a market capitalization of $2.15 billion, a PE ratio of 58.18 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.28 earnings per share. As a group, analysts expect that MYR Group will post 0.88 earnings per share for the current year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently modified their holdings of MYRG. Fidelis Capital Partners LLC purchased a new stake in MYR Group during the first quarter worth $48,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of MYR Group during the 3rd quarter worth $116,000. Covestor Ltd boosted its position in MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares in the last quarter. RiverPark Advisors LLC boosted its position in MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in MYR Group in the first quarter valued at about $186,000. 88.90% of the stock is currently owned by institutional investors.

About MYR Group

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, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.