Stifel Nicolaus Issues Pessimistic Forecast for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG) had its price target decreased by equities researchers at Stifel Nicolaus from $157.00 to $131.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 17.08% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Piper Sandler assumed coverage on MYR Group in a research report on Tuesday. They set a “neutral” rating and a $124.00 price target on the stock. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price on the stock in a research note on Friday, March 14th. Finally, Robert W. Baird lowered their price target on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $140.60.

MYR Group Price Performance

MYRG opened at $111.89 on Wednesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $122.79 and its 200 day moving average price is $134.20. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $172.73. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 48.86 and a beta of 1.07.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in MYRG. MCF Advisors LLC increased its holdings in shares of MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 141 shares during the period. Arcadia Investment Management Corp MI acquired a new position in MYR Group during the 4th quarter valued at about $47,000. Smartleaf Asset Management LLC increased its stake in MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock valued at $49,000 after buying an additional 286 shares during the period. Versant Capital Management Inc raised its position in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after buying an additional 210 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the period. 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.