MYR Group (NASDAQ:MYRG) PT Lowered to $124.00

MYR Group (NASDAQ:MYRG) had its price objective reduced by The Goldman Sachs Group from $182.00 to $124.00 in a research note published on Thursday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the utilities provider’s stock.

Several other brokerages have also issued reports on MYRG. Robert W. Baird decreased their price target on shares of MYR Group from $170.00 to $143.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus decreased their target price on shares of MYR Group from $172.00 to $119.00 and set a buy rating on the stock in a research note on Monday, August 5th. Finally, StockNews.com cut MYR Group from a hold rating to a sell rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus price target of $137.75.

MYR Group Trading Down 0.8 %

Shares of MYRG stock opened at $101.66 on Thursday. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The stock’s fifty day moving average price is $110.70 and its two-hundred day moving average price is $139.63. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market cap of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The business had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the business earned $1.33 earnings per share. Equities analysts predict that MYR Group will post 0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently added to or reduced their stakes in MYRG. Moloney Securities Asset Management LLC lifted its holdings in shares of MYR Group by 0.9% during the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after purchasing an additional 75 shares during the period. Louisiana State Employees Retirement System lifted its holdings in MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after buying an additional 100 shares during the period. Janney Montgomery Scott LLC grew its position in shares of MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares during the last quarter. Covestor Ltd grew its position in shares of MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after buying an additional 132 shares during the last quarter. Finally, First National Bank of Hutchinson increased its stake in shares of MYR Group by 2.6% in the first quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock valued at $1,101,000 after buying an additional 160 shares during the period. 88.90% of the stock is owned by institutional investors.

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.