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

MYR Group (NASDAQ:MYRG) had its price target cut by Stifel Nicolaus from $157.00 to $131.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

Several other analysts also recently commented on MYRG. Robert W. Baird reduced their target price on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective for the company in a research note on Friday, March 14th. Finally, Piper Sandler began coverage on MYR Group in a report on Tuesday. They set a “neutral” rating and a $124.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $140.60.

MYR Group Trading Down 0.0 %

NASDAQ:MYRG opened at $111.86 on Wednesday. MYR Group has a 12 month low of $86.60 and a 12 month high of $172.73. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of 48.85 and a beta of 1.07. The firm has a fifty day simple moving average of $122.20 and a two-hundred day simple moving average of $134.29.

Hedge Funds Weigh In On MYR Group

Several large investors have recently added to or reduced their stakes in MYRG. GAMMA Investing LLC increased its holdings in MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock worth $7,802,000 after purchasing an additional 68,430 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock valued at $52,000 after buying an additional 210 shares during the last quarter. Wellington Management Group LLP bought a new stake in MYR Group during the fourth quarter worth $60,217,000. Mackenzie Financial Corp grew its holdings in MYR Group by 121.4% during the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock worth $1,609,000 after buying an additional 5,930 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in MYR Group by 4.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider’s stock valued at $14,309,000 after buying an additional 3,720 shares during the last quarter. 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.