Analysts have been eager to weigh in on the Materials sector with new ratings on Northern Oil And Gas (NOG) and MYR Group (MYRG).
Northern Oil And Gas (NOG)
In a report released yesterday, Jeff Grampp from Northland Securities reiterated a Buy rating on Northern Oil And Gas, with a price target of $5. The company’s shares opened today at $2.13.
According to TipRanks.com, Grampp is ranked 0 out of 5 stars with an average return of -12.4% and a 28.0% success rate. Grampp covers the Basic Materials sector, focusing on stocks such as Penn Virginia Corporation, Goodrich Petroleum Corp, and Lonestar Resources US.
Currently, the analyst consensus on Northern Oil And Gas is a Moderate Buy with an average price target of $4.
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MYR Group (MYRG)
In a report released today, Alex Rygiel from B.Riley FBR reiterated a Hold rating on MYR Group, with a price target of $40. The company’s shares opened today at $34.84.
Rygiel commented:
“On the evening of 3/6, MYR Group announced 4Q18 results which were ahead of our and consensus expectations driven by solid T&D growth and margin improvement. Backlog was strong at a record $1.15B, providing good visibility into 2019 and beyond and highlights a strong bidding environment across both segments. The T&D industry remains healthy with need for maintenance and upgrades of the existing grid and shifts towards renewable energy. The company is seeing a steady increase in small- to medium-sized projects and increased MSA work, as large mega projects continue to get pushed out. The C&I industry also remains healthy with growth expected in transportation, office, educational, manufacturing, and public safety sectors in 2019.”
According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 7.5% and a 57.6% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, MasTec, and Dycom.
The word on The Street in general, suggests a Hold analyst consensus rating for MYR Group with a $37 average price target, representing a 6.2% upside. In a report released yesterday, Robert W. Baird also maintained a Hold rating on the stock with a $34 price target.
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