Stifel Nicolaus Raises MYR Group (NASDAQ:MYRG) Price Target to $262.00

MYR Group (NASDAQ:MYRG) had its target price upped by research analysts at Stifel Nicolaus from $237.00 to $262.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ target price indicates a potential upside of 7.11% from the company’s current price.

A number of other equities research analysts have also recently issued reports on MYRG. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Stock Performance

NASDAQ MYRG opened at $244.60 on Monday. The company has a fifty day moving average of $226.49 and a 200-day moving average of $207.31. MYR Group has a 52-week low of $97.72 and a 52-week high of $263.48. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The company has a market capitalization of $3.80 billion, a P/E ratio of 39.52 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.MYR Group’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 earnings per share. As a group, equities research analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MYR Group

Several large investors have recently bought and sold shares of the business. J. Safra Sarasin Holding AG lifted its position in MYR Group by 55.7% during the second quarter. J. Safra Sarasin Holding AG now owns 27,694 shares of the utilities provider’s stock valued at $5,025,000 after purchasing an additional 9,909 shares during the period. CWA Asset Management Group LLC purchased a new stake in MYR Group during the third quarter valued at $1,506,000. HB Wealth Management LLC purchased a new stake in MYR Group during the second quarter valued at $224,000. Vanguard Personalized Indexing Management LLC bought a new position in MYR Group in the second quarter valued at about $211,000. Finally, Allspring Global Investments Holdings LLC boosted its position in MYR Group by 29.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after purchasing an additional 11,107 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.