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

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

Several other analysts also recently commented on the company. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Stifel Nicolaus dropped their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Trading Up 8.3 %

NASDAQ MYRG opened at $149.75 on Monday. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average price is $109.07 and its 200-day moving average price is $128.08. The stock has a market cap of $2.41 billion, a P/E ratio of 65.39 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last released 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 during the quarter, compared to analyst estimates of $917.18 million. During the same period last year, the business earned $1.28 EPS. MYR Group’s revenue was down 5.5% compared to the same quarter last year. As a group, equities analysts forecast that MYR Group will post 0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in MYR Group by 1.2% in the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after acquiring an additional 100 shares during the period. Janney Montgomery Scott LLC grew its position in MYR Group by 0.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares during the period. Covestor Ltd increased its holdings 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 buying an additional 132 shares during the last quarter. First National Bank of Hutchinson boosted its stake in shares of MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after acquiring an additional 160 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in shares of MYR Group by 0.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after acquiring an additional 160 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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; 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.