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

MYR Group (NASDAQ:MYRG) had its price objective decreased by analysts at Stifel Nicolaus from $185.00 to $184.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 10.37% from the company’s current price.

A number of other equities research analysts also recently weighed in on MYRG. Sidoti downgraded MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a research report on Monday, February 26th. KeyCorp began coverage on MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $170.75.

MYR Group Stock Performance

Shares of MYRG stock opened at $166.71 on Tuesday. MYR Group has a 12-month low of $110.87 and a 12-month high of $181.02. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 30.76 and a beta of 1.08. The business has a 50 day simple moving average of $163.75 and a 200 day simple moving average of $143.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.37 and a quick ratio of 1.37.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $904.76 million. During the same period in the prior year, the company posted $1.46 EPS. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. On average, equities research analysts anticipate that MYR Group will post 6.65 EPS for the current year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bridge City Capital LLC lifted its position in shares of MYR Group by 17.9% during the 1st quarter. Bridge City Capital LLC now owns 4,296 shares of the utilities provider’s stock valued at $759,000 after acquiring 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 1st quarter. Contravisory Investment Management Inc. now owns 1,463 shares of the utilities provider’s stock valued at $259,000 after acquiring an additional 1,367 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of 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 acquiring an additional 164 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of MYR Group during the 4th quarter valued at $1,481,000. Finally, Vanguard Group Inc. lifted its position in shares of MYR Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after acquiring an additional 5,055 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.