MYR Group (NASDAQ:MYRG) Raised to Hold at StockNews.com

MYR Group (NASDAQ:MYRG) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

A number of other equities research analysts have also recently weighed in on MYRG. The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus dropped their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Finally, Robert W. Baird raised their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Price Performance

MYR Group stock opened at $138.28 on Monday. The business has a 50 day simple moving average of $107.28 and a 200 day simple moving average of $128.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market capitalization of $2.23 billion, a PE ratio of 60.38 and a beta of 0.89. MYR Group has a one year low of $86.60 and a one year high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The business had revenue of $888.00 million for the quarter, compared to analyst estimates of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.28 EPS. On average, sell-side analysts forecast that MYR Group will post 0.88 EPS for the current fiscal year.

Institutional Trading of MYR Group

A number of hedge funds have recently modified their holdings of MYRG. Louisiana State Employees Retirement System increased its position in shares of MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after purchasing an additional 100 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in MYR Group by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares during the period. Covestor Ltd lifted its position in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after buying an additional 132 shares during the last quarter. First National Bank of Hutchinson boosted its stake in shares of MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after acquiring an additional 160 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of MYR Group by 0.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after acquiring an additional 160 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.