Zacks Investment Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday. They currently have $41.00 price objective on the utilities provider’s stock.
According to Zacks, “MYR Group Inc., through its subsidiaries, provides electrical construction services in the United States and Canada. It operates through 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 and the renewable energy industries. The Commercial and Industrial segment provides services, such as design, installation, maintenance, and repair of commercial and industrial wiring; and installation of traffic networks, bridge, roadway, and tunnel lighting. This segment offers its services for airports, hospitals, data centers, hotels, stadiums, convention centers, manufacturing plants etc. “
Several other research firms also recently commented on MYRG. B. Riley upped their price objective on shares of MYR Group from $28.00 to $35.00 and gave the company a neutral rating in a report on Thursday, November 16th. TheStreet upgraded shares of MYR Group from a c+ rating to a b- rating in a report on Thursday, November 16th. KeyCorp reiterated a hold rating on shares of MYR Group in a report on Friday, November 24th. Robert W. Baird reiterated a buy rating and issued a $34.00 price objective on shares of MYR Group in a report on Tuesday, September 5th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $29.00 price objective (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $34.83.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The company had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. MYR Group’s revenue for the quarter was up 31.8% on a year-over-year basis. analysts anticipate that MYR Group will post 0.79 EPS for the current year.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of MYR Group by 3.9% in the second quarter. Vanguard Group Inc. now owns 910,518 shares of the utilities provider’s stock valued at $28,245,000 after acquiring an additional 33,997 shares during the period. Macquarie Group Ltd. boosted its position in shares of MYR Group by 14.2% in the third quarter. Macquarie Group Ltd. now owns 864,492 shares of the utilities provider’s stock valued at $25,191,000 after acquiring an additional 107,417 shares during the period. Investment Counselors of Maryland LLC boosted its position in shares of MYR Group by 7.4% in the third quarter. Investment Counselors of Maryland LLC now owns 659,226 shares of the utilities provider’s stock valued at $19,210,000 after acquiring an additional 45,660 shares during the period. JPMorgan Chase & Co. boosted its position in shares of MYR Group by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 629,836 shares of the utilities provider’s stock valued at $19,538,000 after acquiring an additional 14,444 shares during the period. Finally, Thrivent Financial For Lutherans boosted its position in shares of MYR Group by 65.4% in the second quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock valued at $6,822,000 after acquiring an additional 86,980 shares during the period. 87.16% of the stock is owned by institutional investors.
About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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