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

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

Other analysts have also recently issued reports about the stock. KeyCorp began coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a sector weight rating on the stock. Sidoti lowered shares of MYR Group from a buy rating to a neutral rating and set a $165.00 target price on the stock. in a research report on Monday, February 26th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $170.75.

MYR Group Price Performance

Shares of MYR Group stock opened at $158.71 on Tuesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of 29.28 and a beta of 1.08. MYR Group has a 1-year low of $110.87 and a 1-year high of $181.02. The firm’s 50-day moving average price is $164.37 and its two-hundred day moving average price is $144.39.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.02. The firm 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 company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, equities analysts predict that MYR Group will post 6.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Large investors have recently modified their holdings of the stock. Point72 Middle East FZE acquired a new position in MYR Group in the fourth quarter valued at approximately $27,000. Daiwa Securities Group Inc. acquired a new position in MYR Group in the fourth quarter valued at approximately $29,000. Advisory Services Network LLC lifted its holdings in MYR Group by 585.0% in the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock valued at $35,000 after buying an additional 234 shares during the period. Tower Research Capital LLC TRC lifted its holdings in MYR Group by 24.0% in the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock valued at $53,000 after buying an additional 74 shares during the period. Finally, IFP Advisors Inc acquired a new position in MYR Group in the third quarter valued at approximately $54,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

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.