MYR Group (NASDAQ:MYRG) Rating Lowered to Sell at StockNews.com

MYR Group (NASDAQ:MYRG) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Several other research analysts have also recently issued reports on MYRG. Robert W. Baird dropped their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus dropped their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, MYR Group has a consensus rating of “Hold” and an average price target of $137.75.

MYR Group Price Performance

MYRG opened at $102.51 on Wednesday. The company’s 50-day simple moving average is $112.39 and its two-hundred day simple moving average is $140.66. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market capitalization of $1.72 billion, a P/E ratio of 19.68 and a beta of 0.93. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last issued 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). The company had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 EPS. As a group, analysts predict that MYR Group will post 0.91 EPS for the current year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently modified their holdings of MYRG. Fidelis Capital Partners LLC purchased a new position in shares of MYR Group during the 1st quarter valued at $48,000. Quest Partners LLC purchased a new position in shares of MYR Group in the fourth quarter valued at about $60,000. GAMMA Investing LLC lifted its position in shares of MYR Group by 37.8% in the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 164 shares in the last quarter. Covestor Ltd boosted its stake in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after acquiring an additional 132 shares during the period. Finally, RiverPark Advisors LLC grew its position in shares of MYR Group by 360.3% during the first quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock worth $158,000 after purchasing an additional 699 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

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.