MYR Group (NASDAQ:MYRG) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a buy rating in a research note issued to investors on Friday morning, Zacks.com reports. The brokerage currently has $40.00 price objective on the utilities provider’s stock.

According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “

Several other equities research analysts also recently commented on MYRG. Robert W. Baird set a $34.00 price target on shares of MYR Group and gave the company a hold rating in a research report on Thursday, March 7th. BidaskClub upgraded shares of MYR Group from a strong sell rating to a sell rating in a research report on Thursday. Stifel Nicolaus upgraded shares of MYR Group from a hold rating to a buy rating and upped their price target for the company from $32.00 to $39.00 in a research report on Thursday, May 16th. Finally, ValuEngine downgraded shares of MYR Group from a hold rating to a sell rating in a research report on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. MYR Group presently has an average rating of Hold and a consensus price target of $38.00.

MYRG stock opened at $36.24 on Friday. MYR Group has a 12 month low of $26.24 and a 12 month high of $39.60. The company has a market cap of $601.58 million, a P/E ratio of 19.38 and a beta of 0.70. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.32.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The business had revenue of $468.10 million during the quarter, compared to analyst estimates of $395.83 million. During the same period in the prior year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up 35.4% on a year-over-year basis. Equities analysts predict that MYR Group will post 2.36 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the stock. Comerica Bank lifted its position in shares of MYR Group by 2.3% in the 1st quarter. Comerica Bank now owns 16,359 shares of the utilities provider’s stock valued at $594,000 after acquiring an additional 363 shares in the last quarter. Texas Permanent School Fund lifted its position in MYR Group by 3.8% in the 1st quarter. Texas Permanent School Fund now owns 11,247 shares of the utilities provider’s stock worth $389,000 after buying an additional 407 shares in the last quarter. Barclays PLC lifted its position in MYR Group by 2.5% in the 4th quarter. Barclays PLC now owns 19,273 shares of the utilities provider’s stock worth $543,000 after buying an additional 470 shares in the last quarter. Principal Financial Group Inc. lifted its position in MYR Group by 0.5% in the 4th quarter. Principal Financial Group Inc. now owns 134,482 shares of the utilities provider’s stock worth $3,788,000 after buying an additional 722 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in MYR Group by 6.2% in the 4th quarter. Arizona State Retirement System now owns 25,510 shares of the utilities provider’s stock worth $719,000 after buying an additional 1,491 shares in the last quarter. Institutional investors and hedge funds own 89.56% 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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