MYR Group (NASDAQ:MYRG) Coverage Initiated at Piper Sandler

Piper Sandler assumed coverage on shares of MYR Group (NASDAQ:MYRG) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $124.00 price target on the utilities provider’s stock. Piper Sandler’s target price points to a potential upside of 7.72% from the company’s previous close.

A number of other analysts also recently issued reports on MYRG. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a report on Friday, March 14th. Robert W. Baird reduced their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, Stifel Nicolaus upped their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $140.60.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $115.11 on Tuesday. MYR Group has a 12 month low of $86.60 and a 12 month high of $172.73. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 50.27 and a beta of 1.07. The company has a 50-day moving average price of $123.38 and a 200-day moving average price of $134.10. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. ANTIPODES PARTNERS Ltd lifted its holdings in MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock worth $92,000 after purchasing an additional 72 shares during the last quarter. Captrust Financial Advisors lifted its holdings in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider’s stock worth $1,267,000 after purchasing an additional 75 shares during the last quarter. Tidal Investments LLC increased its position in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares during the period. GAMMA Investing LLC increased its position in MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after buying an additional 118 shares during the period. Finally, MCF Advisors LLC increased its position in MYR Group by 470.0% in the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock worth $25,000 after buying an additional 141 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.