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

MYR Group (NASDAQ:MYRG) had its price objective decreased by stock analysts at Stifel Nicolaus from $185.00 to $184.00 in a report released 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 stock’s current price.

A number of other brokerages also recently issued reports on MYRG. KeyCorp initiated coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective on the stock. in a report on Monday, February 26th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $170.75.

MYR Group Stock Down 1.6 %

NASDAQ:MYRG opened at $166.71 on Tuesday. The firm has a market cap of $2.79 billion, a P/E ratio of 30.76 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. MYR Group has a fifty-two week low of $110.87 and a fifty-two week high of $181.02. The firm has a 50-day simple moving average of $163.75 and a two-hundred day simple moving average of $143.75.

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

Hedge Funds Weigh In On MYR Group

Large investors have recently added to or reduced their stakes in the company. Point72 Middle East FZE purchased a new position in MYR Group during the fourth quarter valued at approximately $27,000. Daiwa Securities Group Inc. purchased a new position in MYR Group during the fourth quarter valued at approximately $29,000. Advisory Services Network LLC lifted its holdings in MYR Group by 585.0% during the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 234 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in MYR Group by 24.0% during the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock valued at $53,000 after purchasing an additional 74 shares in the last quarter. Finally, IFP Advisors Inc bought a new stake in shares of MYR Group during the third quarter valued at approximately $54,000. Hedge funds and other institutional investors 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.