MYR Group (NASDAQ:MYRG) Price Target Lowered to $184.00 at Stifel Nicolaus

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.

MYRG has been the topic of a number of other research reports. Sidoti downgraded shares of MYR Group from a buy rating to a neutral rating and set a $165.00 price target on the stock. in a research note on Monday, February 26th. KeyCorp started coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a sector weight rating on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, MYR Group presently has a consensus rating of Hold and an average target price 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 released its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. MYR Group’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $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

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

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.