Price Action Alert: Could MYR Group Inc Skyrocket Even More? The Stock Just Made All Time High

Price Action Alert: Could MYR Group Inc Skyrocket Even More? The Stock Just Made All Time High

The stock of MYR Group Inc (NASDAQ:MYRG) reached all time high today, Nov, 24 and still has $40.70 target or 7.00% above today’s $38.04 share price. This indicates more upside for the $628.64 million company. This technical setup was reported by Barchart.com. If the $40.70 PT is reached, the company will be worth $44.00 million more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. The stock increased 2.07% or $0.77 on November 23, hitting $38.04. About 94,141 shares traded hands. MYR Group Inc (NASDAQ:MYRG) has risen 48.59% since April 22, 2016 and is uptrending. It has outperformed by 43.18% the S&P500.

Analysts await MYR Group Inc (NASDAQ:MYRG) to report earnings on March, 2. They expect $0.39 earnings per share, up 34.48% or $0.10 from last year’s $0.29 per share. MYRG’s profit will be $6.45M for 24.38 P/E if the $0.39 EPS becomes a reality. After $0.38 actual earnings per share reported by MYR Group Inc for the previous quarter, Wall Street now forecasts 2.63% EPS growth.

MYR Group Inc (NASDAQ:MYRG) Ratings Coverage

Out of 7 analysts covering MYR Group (NASDAQ:MYRG), 1 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 14% are positive. MYR Group has been the topic of 10 analyst reports since August 11, 2015 according to StockzIntelligence Inc. Maxim Group maintained it with “Buy” rating and $30 target price in Friday, August 5 report. The firm has “Market Perform” rating by FBR Capital given on Tuesday, March 8. Zacks downgraded the stock to “Buy” rating in Tuesday, August 11 report. The firm earned “Market Perform” rating on Friday, November 18 by Avondale. As per Tuesday, January 5, the company rating was reinitiated by Stifel Nicolaus. The stock of MYR Group Inc (NASDAQ:MYRG) earned “Mkt Perform” rating by FBR Capital on Friday, November 6. The rating was downgraded by BB&T Capital to “Hold” on Friday, October 2. Robert W. Baird downgraded the shares of MYRG in a report on Friday, August 12 to “Neutral” rating.

According to Zacks Investment Research, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure.”

Insitutional Activity: The institutional sentiment increased to 0.98 in 2016 Q2. Its up 0.33, from 0.65 in 2016Q1. The ratio is positive, as 16 funds sold all MYR Group Inc shares owned while 55 reduced positions. 19 funds bought stakes while 27 increased positions. They now own 14.42 million shares or 10.92% less from 16.19 million shares in 2016Q1.
The Massachusetts-based Numeric Ltd Liability Corporation has invested 0% in MYR Group Inc (NASDAQ:MYRG). Tiaa Cref Invest Mngmt Ltd last reported 89,586 shares in the company. Comerica Commercial Bank has invested 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Dnb Asset Management As, a Norway-based fund reported 22,688 shares. Invesco Limited owns 43,025 shares or 0% of their US portfolio. Parametric Port Assoc Limited Com holds 0% or 49,652 shares in its portfolio. Tower Research Ltd Limited Liability Company (Trc) last reported 1,953 shares in the company. Credit Suisse Ag, a Switzerland-based fund reported 20,931 shares. First Mercantile Trust Co has invested 0.01% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Wells Fargo & Mn last reported 0% of its portfolio in the stock. Ameriprise Fin Incorporated last reported 0% of its portfolio in the stock. Victory Cap Mngmt, a Ohio-based fund reported 34,767 shares. California Pub Employees Retirement Systems has 51,900 shares for 0% of their US portfolio. Walleye Trading Ltd Llc owns 1,000 shares or 0% of their US portfolio. Assetmark Inc reported 2 shares or 0% of all its holdings.

Insider Transactions: Since August 18, 2016, the stock had 0 buys, and 9 selling transactions for $6.09 million net activity. KOERTNER WILLIAM A sold $295,000 worth of MYR Group Inc (NASDAQ:MYRG) on Thursday, September 22. $288,449 worth of shares were sold by Alexander Jack L. on Monday, November 14. Swartz Richard S. Jr. sold $1.08M worth of stock. On Thursday, August 18 the insider COOPER TOD M. sold $264,845. Shares for $1.04M were sold by Engen Gerald B. Jr. on Wednesday, November 9.

More recent MYR Group Inc (NASDAQ:MYRG) news were published by: Globenewswire.com which released: “MYR Group Inc. Acquires British Columbia Electrical Contractor Western Pacific …” on October 31, 2016. Also Prnewswire.com published the news titled: “Engine Capital Delivers Letter to MYR Group Inc. Board of Directors” on December 08, 2015. Globenewswire.com‘s news article titled: “MYR Group Inc. Announces Third-Quarter and First Nine-Months 2016 Results” with publication date: November 02, 2016 was also an interesting one.

MYRG Company Profile

MYR Group Inc., incorporated on January 15, 1982, is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Firm performs construction services in two divisions: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Firm 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. The Company’s subsidiaries include The L. E. Myers Co., Harlan Electric Company, Great Southwestern Construction, Inc., Sturgeon Electric Company, Inc., MYR Transmission Services, Inc., E.S. Boulos Company, High Country Line Construction, Inc., MYR Group Construction Canada, Ltd., MYR Transmission Services Canada, Ltd. and Northern Transmission Services, Ltd. The Firm provides electrical construction services, and limited gas construction services, through a network of local offices located throughout the United States and Canada.

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