MYR Group (NASDAQ:MYRG) Coverage Initiated by Analysts at Piper Sandler

Investment analysts at Piper Sandler began coverage on shares of MYR Group (NASDAQ:MYRG) in a report released on Tuesday,Benzinga reports. The firm set a “neutral” rating and a $124.00 price target on the utilities provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 17.57% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus boosted their price objective on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a research report on Friday, March 14th. Finally, Robert W. Baird dropped their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.80.

MYR Group Stock Up 0.2 %

Shares of MYR Group stock opened at $105.47 on Tuesday. The firm’s 50-day moving average is $126.03 and its two-hundred day moving average is $134.36. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of 46.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Institutional Investors Weigh In On MYR Group

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its stake in MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock valued at $7,802,000 after purchasing an additional 68,430 shares in the last quarter. Versant Capital Management Inc increased its position in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 210 shares during the period. Wellington Management Group LLP purchased a new position in MYR Group in the 4th quarter worth $60,217,000. Mackenzie Financial Corp grew its stake in MYR Group by 121.4% during the 4th quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock valued at $1,609,000 after purchasing an additional 5,930 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of MYR Group by 4.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider’s stock valued at $14,309,000 after purchasing an additional 3,720 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.