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

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

Several other equities analysts have also commented on the company. KeyCorp started coverage on MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Sidoti lowered 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. Three equities research 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 a consensus target price of $170.75.

MYR Group Stock Down 2.3 %

NASDAQ:MYRG opened at $160.87 on Tuesday. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 29.68 and a beta of 1.08. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05. MYR Group has a twelve month low of $110.87 and a twelve month high of $181.02. The stock has a fifty day simple moving average of $164.25 and a 200-day simple moving average of $144.08.

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

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its stake in shares of MYR Group by 24.0% during the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock worth $53,000 after acquiring an additional 74 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of MYR Group by 6.1% during the second quarter. PNC Financial Services Group Inc. now owns 1,295 shares of the utilities provider’s stock worth $179,000 after acquiring an additional 74 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of MYR Group by 3.4% during the fourth quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after acquiring an additional 97 shares during the last quarter. Captrust Financial Advisors grew its stake in shares of MYR Group by 0.9% during the second quarter. Captrust Financial Advisors now owns 12,261 shares of the utilities provider’s stock worth $1,081,000 after acquiring an additional 104 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of MYR Group by 29.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 138 shares during the last quarter. 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.