Stifel Nicolaus Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

MYR Group (NASDAQ:MYRG) had its target price hoisted by equities research analysts at Stifel Nicolaus from $153.00 to $172.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price target points to a potential upside of 2.77% from the company’s current price.

Other research analysts also recently issued reports about the stock. The Goldman Sachs Group increased their target price on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Robert W. Baird increased their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Price Performance

Shares of MYRG opened at $167.37 on Wednesday. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The firm’s fifty day simple moving average is $138.79 and its 200-day simple moving average is $127.76. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 73.09 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. During the same period last year, the business earned $1.28 EPS. The company’s revenue was down 5.5% on a year-over-year basis. Equities analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MYRG. DekaBank Deutsche Girozentrale purchased a new position in MYR Group during the 3rd quarter worth $116,000. Millburn Ridgefield Corp purchased a new position in MYR Group during the 3rd quarter worth $130,000. RiverPark Advisors LLC grew its position in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the last quarter. Quest Partners LLC purchased a new position in MYR Group during the 3rd quarter worth $223,000. Finally, FMR LLC grew its position in MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after purchasing an additional 1,108 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other 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.