MYR Group (NASDAQ:MYRG) Downgraded by Wall Street Zen to Buy

MYR Group (NASDAQ:MYRG) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

A number of other equities analysts also recently commented on the stock. Stifel Nicolaus raised their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group increased their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a report on Monday. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.67.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $218.40 on Friday. The firm has a market capitalization of $3.39 billion, a PE ratio of 35.28 and a beta of 1.20. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a 1-year low of $97.72 and a 1-year high of $241.13. The business’s 50 day moving average is $218.02 and its 200-day moving average is $194.48.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. During the same period last year, the business earned $0.65 earnings per share. MYR Group’s quarterly revenue was up 7.0% compared to the same quarter last year. Sell-side analysts predict that MYR Group will post 1.16 earnings per share for the current year.

Insider Buying and Selling at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Maseco LLP acquired a new position in MYR Group in the second quarter worth $28,000. Salomon & Ludwin LLC bought a new position in shares of MYR Group in the third quarter valued at about $34,000. MAI Capital Management lifted its position in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new stake in MYR Group during the 2nd quarter worth about $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in MYR Group in the 2nd quarter valued at about $34,000. 88.90% of the stock is 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.