MYR Group (NASDAQ:MYRG) Price Target Lowered to $119.00 at Stifel Nicolaus

MYR Group (NASDAQ:MYRG) had its price target decreased by Stifel Nicolaus from $172.00 to $119.00 in a research report sent to investors on Monday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the utilities provider’s stock.

Separately, Robert W. Baird decreased their target price on shares of MYR Group from $170.00 to $143.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $147.75.

MYR Group Price Performance

NASDAQ:MYRG traded up $2.84 during trading hours on Monday, reaching $98.90. 613,825 shares of the company were exchanged, compared to its average volume of 159,927. The business has a 50 day moving average of $140.48 and a 200 day moving average of $152.84. MYR Group has a 1-year low of $92.48 and a 1-year high of $181.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.40. The company has a market capitalization of $1.66 billion, a P/E ratio of 19.17 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period last year, the company posted $1.33 earnings per share. Research analysts forecast that MYR Group will post 5.4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MYRG. UniSuper Management Pty Ltd bought a new position in shares of MYR Group in the first quarter worth about $645,000. Trexquant Investment LP acquired a new stake in MYR Group in the fourth quarter valued at approximately $1,017,000. Trillium Asset Management LLC grew its stake in shares of MYR Group by 60.3% during the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock worth $13,733,000 after buying an additional 29,215 shares during the last quarter. Capital World Investors bought a new stake in shares of MYR Group during the fourth quarter worth $20,781,000. Finally, Essex Investment Management Co. LLC acquired a new position in shares of MYR Group during the first quarter worth $1,359,000. 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.