StockNews.com Upgrades MYR Group (NASDAQ:MYRG) to Hold

StockNews.com upgraded shares of MYR Group (NASDAQ:MYRG) from a sell rating to a hold rating in a report released on Monday.

A number of other analysts also recently issued reports on MYRG. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus dropped 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. Finally, Robert W. Baird lifted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.75.

MYR Group Stock Down 3.0 %

MYRG opened at $145.23 on Monday. The company has a 50 day moving average of $109.97 and a 200 day moving average of $128.20. The company has a market cap of $2.34 billion, a PE ratio of 63.42 and a beta of 0.89. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same period last year, the firm earned $1.28 EPS. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, sell-side analysts expect that MYR Group will post 0.88 EPS for the current year.

Hedge Funds Weigh In On MYR Group

A number of large investors have recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System raised its position in MYR Group by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC raised its position in MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after purchasing an additional 131 shares during the period. Covestor Ltd raised its position in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 132 shares during the period. First National Bank of Hutchinson raised its position in MYR Group by 2.6% in the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after purchasing an additional 160 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its position in MYR Group by 0.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after purchasing an additional 160 shares during the period. 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.