MYR Group (NASDAQ:MYRG) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a research report report published on Saturday.

Several other research firms have also commented on MYRG. Stifel Nicolaus boosted their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $194.50.

MYR Group Trading Up 2.0%

NASDAQ:MYRG opened at $217.70 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The firm has a 50-day simple moving average of $195.65 and a 200-day simple moving average of $177.83. MYR Group has a one year low of $97.72 and a one year high of $235.93. The firm has a market cap of $3.38 billion, a P/E ratio of 35.17 and a beta of 1.19.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. MYR Group’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share. Equities analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

A number of hedge funds have recently modified their holdings of MYRG. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in MYR Group by 214.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock valued at $34,215,000 after acquiring an additional 206,369 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of MYR Group by 97.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after purchasing an additional 172,962 shares in the last quarter. Nuveen LLC purchased a new position in shares of MYR Group during the 1st quarter valued at approximately $18,511,000. Assenagon Asset Management S.A. lifted its stake in shares of MYR Group by 154.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock valued at $30,883,000 after purchasing an additional 90,051 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of MYR Group in the 2nd quarter valued at $13,609,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.