MYR Group (NASDAQ:MYRG) Price Target Cut to $184.00

MYR Group (NASDAQ:MYRG) had its price target dropped by investment analysts at Stifel Nicolaus from $185.00 to $184.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 14.38% from the company’s current price.

MYRG has been the topic of a number of other research reports. Sidoti cut 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 initiated coverage on shares of MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $170.75.

MYR Group Stock Down 2.3 %

NASDAQ:MYRG opened at $160.87 on Tuesday. The firm’s 50-day moving average price is $164.25 and its 200-day moving average price is $144.08. The company has a market capitalization of $2.69 billion, a PE ratio of 29.68 and a beta of 1.08. 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 has a 1-year low of $110.87 and a 1-year high of $181.02.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. The firm 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%. The company’s 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 EPS. On average, equities analysts predict that MYR Group will post 6.65 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in MYR Group by 1.8% during 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. lifted its stake 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 worth $182,368,000 after purchasing an additional 5,055 shares during the period. Victory Capital Management Inc. lifted its stake in shares of MYR Group by 25.4% in 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 period. State Street Corp lifted its stake in shares of MYR Group by 0.9% in the 2nd quarter. State Street Corp now owns 595,022 shares of the utilities provider’s stock worth $82,315,000 after purchasing an additional 5,385 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of MYR Group by 13.8% in the 4th quarter. Millennium Management LLC now owns 560,654 shares of the utilities provider’s stock worth $51,619,000 after purchasing an additional 67,933 shares during the period. Institutional investors own 88.90% of the company’s stock.

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.