MYR Group (NASDAQ:MYRG) PT Lowered to $184.00

MYR Group (NASDAQ:MYRG) had its target price cut by Stifel Nicolaus from $185.00 to $184.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

A number of other research analysts have also weighed in on the company. Sidoti lowered MYR Group from a buy rating to a neutral rating and set a $165.00 price objective on the stock. in a report on Monday, February 26th. KeyCorp started coverage on shares of MYR Group in a research report on Wednesday, January 10th. They set a sector weight rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $170.75.

MYR Group Price Performance

MYR Group stock opened at $164.63 on Tuesday. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 30.37 and a beta of 1.08. The firm’s fifty day moving average is $164.06 and its 200 day moving average is $143.96. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. MYR Group has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The business’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 earnings per share. Sell-side analysts forecast that MYR Group will post 6.65 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bridge City Capital LLC increased its position in MYR Group by 17.9% during the 1st quarter. Bridge City Capital LLC now owns 4,296 shares of the utilities provider’s stock worth $759,000 after purchasing an additional 652 shares in the last quarter. Contravisory Investment Management Inc. boosted its position in shares of MYR Group by 1,424.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,463 shares of the utilities provider’s stock worth $259,000 after buying an additional 1,367 shares during the period. GAMMA Investing LLC grew its stake in shares of MYR Group by 37.8% in the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after buying an additional 164 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of MYR Group during the 4th quarter valued at about $1,481,000. Finally, Vanguard Group Inc. boosted its holdings in MYR Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after acquiring an additional 5,055 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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.