MYR Group Inc (NASDAQ:MYRG) Given Average Recommendation of “Hold” by Analysts

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Shares of MYR Group Inc (NASDAQ:MYRG) have been assigned a consensus rating of “Hold” from the nine ratings firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $36.33.

Several research firms have issued reports on MYRG. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and upped their price target for the company from $35.00 to $36.00 in a research report on Wednesday, September 11th. B. Riley cut their price target on shares of MYR Group from $39.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. ValuEngine lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. BidaskClub upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Zacks Investment Research lowered shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Friday, July 26th.

NASDAQ MYRG traded up $0.09 during trading on Thursday, hitting $32.38. 4,927 shares of the company’s stock traded hands, compared to its average volume of 65,109. The stock has a fifty day moving average of $29.55 and a two-hundred day moving average of $33.79. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.69 and a quick ratio of 1.69. MYR Group has a 12-month low of $26.24 and a 12-month high of $38.14. The firm has a market cap of $560.91 million, a P/E ratio of 17.36 and a beta of 0.90.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.17). MYR Group had a net margin of 1.88% and a return on equity of 10.15%. The business had revenue of $448.80 million for the quarter, compared to analysts’ expectations of $445.20 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. The business’s quarterly revenue was up 32.1% on a year-over-year basis. As a group, analysts expect that MYR Group will post 2.09 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in shares of MYR Group by 8.5% during the second quarter. Royal Bank of Canada now owns 7,923 shares of the utilities provider’s stock worth $296,000 after purchasing an additional 623 shares during the period. Nuveen Asset Management LLC purchased a new stake in shares of MYR Group during the second quarter worth about $8,080,000. UBS Asset Management Americas Inc. purchased a new stake in shares of MYR Group during the second quarter worth about $212,000. Morgan Stanley boosted its holdings in shares of MYR Group by 94.8% during the second quarter. Morgan Stanley now owns 71,868 shares of the utilities provider’s stock worth $2,685,000 after purchasing an additional 34,967 shares during the period. Finally, Alberta Investment Management Corp purchased a new stake in shares of MYR Group during the second quarter worth about $493,000. Institutional investors own 90.85% 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.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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