MYR Group (NASDAQ: MYRG) has seen its price target raised from $237.00 to $262.00, according to a report released by Stifel Nicolaus on October 29, 2023. This adjustment reflects a positive outlook for the utilities provider, which currently holds a buy rating from the research firm.
Multiple analysts have recently expressed their views on MYR Group’s stock. Clear Str upgraded the company to a “strong-buy” rating on December 15, while Wall Street Zen followed suit with a similar upgrade from “buy” to “strong-buy” on December 21. Conversely, Zacks Research downgraded MYR Group from a “strong-buy” to a “hold” rating on December 30. Weiss Ratings also adjusted its stance, moving MYR Group from a “hold (c+)” rating to a “buy (b-)” rating on January 22, 2024. Meanwhile, Cantor Fitzgerald initiated coverage on the stock with an “overweight” rating and a target price of $285.00.
As of now, one analyst has issued a “Strong Buy” rating for MYR Group, four analysts have given it a “Buy” rating, and five have rated it as a “Hold.” The average rating across analysts is “Moderate Buy,” with a consensus price target of approximately $218.71.
Quarterly Results and Insider Activity
In the latest quarterly earnings report released on October 29, MYR Group reported earnings of $2.05 per share, surpassing the consensus estimate of $1.82 by $0.23. The company achieved a return on equity of 16.65% and a net margin of 2.78%. MYR Group’s revenue for the quarter totaled $950.40 million, exceeding analyst expectations of $931.72 million. This marks a 7.0% increase in revenue compared to the same quarter last year, when the company reported earnings of $0.65 per share.
Recent insider activity has also drawn attention. Don A. Egan, Chief Operating Officer, sold 2,900 shares of MYR Group on November 4, 2023, at an average price of $233.40. This sale amounted to a total value of $676,860. After the transaction, Egan retained 5,797 shares, valued at approximately $1,353,019.80, reflecting a 33.34% reduction in his position. This transaction was disclosed in a filing with the Securities and Exchange Commission.
Institutional Investments in MYR Group
Several institutional investors have recently adjusted their holdings in MYR Group. MAI Capital Management increased its stake by 44.8% in the second quarter, acquiring an additional 56 shares to reach a total of 181 shares, valued at $33,000. Farther Finance Advisors LLC significantly raised its stake by 212.2% during the fourth quarter, now holding 153 shares worth $33,000 after purchasing an additional 104 shares. BNP PARIBAS ASSET MANAGEMENT Holding S.A. and Elevation Point Wealth Partners LLC each invested in new positions during the second quarter, both valued at approximately $34,000.
Currently, institutional investors and hedge funds collectively own 88.90% of MYR Group’s stock, reflecting strong interest in the company.
MYR Group Inc. is a specialty electrical contractor that provides a wide range of construction, maintenance, and emergency restoration services to utility, commercial, industrial, and renewable energy sectors. Established in 1995 through the consolidation of several regional specialty contractors, MYR Group has since broadened its capabilities to support complex projects in transmission, distribution, substation installations, and renewable energy interconnections.
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