Jade Capital Advisors LLC Makes New Investment in MYR Group Inc. (NASDAQ:MYRG)

Jade Capital Advisors LLC bought a new position in shares of MYR Group Inc. (NASDAQ:MYRG) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 20,000 shares of the utilities provider’s stock, valued at approximately $2,045,000. MYR Group comprises approximately 1.3% of Jade Capital Advisors LLC’s portfolio, making the stock its 25th biggest holding. Jade Capital Advisors LLC owned 0.12% of MYR Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after buying an additional 5,055 shares in the last quarter. First Bank & Trust bought a new stake in shares of MYR Group during the 1st quarter valued at about $274,000. Allspring Global Investments Holdings LLC lifted its holdings in MYR Group by 17.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 47,618 shares of the utilities provider’s stock worth $8,416,000 after acquiring an additional 7,038 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of MYR Group by 22.3% during the 1st quarter. BNP Paribas Financial Markets now owns 15,723 shares of the utilities provider’s stock worth $2,779,000 after purchasing an additional 2,871 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after buying an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MYRG shares. The Goldman Sachs Group reduced their target price on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Stifel Nicolaus reduced their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Robert W. Baird decreased their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, StockNews.com lowered MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $137.75.

MYR Group Stock Down 0.1 %

Shares of MYR Group stock opened at $123.68 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The firm has a market capitalization of $2.07 billion, a PE ratio of 23.97 and a beta of 0.93. The stock’s fifty day moving average is $103.14 and its 200-day moving average is $131.79.

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

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.