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

MYR Group (NASDAQ:MYRG) had its price objective lowered by Stifel Nicolaus from $185.00 to $184.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the utilities provider’s stock.

MYRG has been the topic of a number of other research reports. KeyCorp began coverage on MYR Group in a report on Wednesday, January 10th. They set a sector weight rating on the stock. Sidoti cut shares of MYR Group from a buy rating to a neutral rating and set a $165.00 price objective for the company. in a report on Monday, February 26th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, MYR Group has an average rating of Hold and an average target price of $170.75.

MYR Group Stock Down 1.3 %

NASDAQ:MYRG opened at $158.83 on Tuesday. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 29.30 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The stock’s fifty day moving average price is $164.35 and its two-hundred day moving average price is $144.18. MYR Group has a 52-week low of $110.87 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $904.76 million. During the same quarter last year, the business earned $1.46 earnings per share. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year. On average, analysts anticipate that MYR Group will post 6.64 EPS for the current year.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently modified their holdings of MYRG. BlackRock Inc. raised its holdings in MYR Group by 1.8% in the 2nd quarter. BlackRock Inc. now owns 3,049,734 shares of the utilities provider’s stock valued at $421,900,000 after acquiring an additional 54,182 shares during the period. Vanguard Group Inc. increased its stake in shares of MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after purchasing an additional 5,055 shares during the period. Victory Capital Management Inc. lifted its holdings in MYR Group by 25.4% during the 4th quarter. Victory Capital Management Inc. now owns 635,475 shares of the utilities provider’s stock worth $58,508,000 after purchasing an additional 128,881 shares during the last quarter. State Street Corp boosted its stake in MYR Group by 0.9% in the 2nd quarter. State Street Corp now owns 595,022 shares of the utilities provider’s stock valued at $82,315,000 after purchasing an additional 5,385 shares during the period. Finally, Millennium Management LLC grew its holdings in MYR Group by 13.8% in the 4th quarter. Millennium Management LLC now owns 560,654 shares of the utilities provider’s stock valued at $51,619,000 after buying an additional 67,933 shares in 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.