West Oak Capital LLC Grows Position in MYR Group Inc. (NASDAQ:MYRG)

West Oak Capital LLC increased its position in MYR Group Inc. (NASDAQ:MYRG) by 234.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,515 shares of the utilities provider’s stock after acquiring an additional 3,165 shares during the quarter. West Oak Capital LLC’s holdings in MYR Group were worth $672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MYRG. GAMMA Investing LLC grew its holdings in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after buying an additional 118 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in MYR Group during the third quarter valued at $116,000. Millburn Ridgefield Corp purchased a new position in MYR Group during the third quarter valued at $130,000. Quest Partners LLC purchased a new stake in MYR Group in the 3rd quarter worth $223,000. Finally, FMR LLC boosted its holdings in shares of MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after purchasing an additional 1,108 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 1.8 %

MYRG stock traded down $2.63 during midday trading on Friday, reaching $142.96. 139,564 shares of the company traded hands, compared to its average volume of 197,627. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 62.43 and a beta of 0.96. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The business has a 50 day moving average of $152.65 and a 200-day moving average of $128.36. MYR Group Inc. has a 52-week low of $86.60 and a 52-week high of $181.02.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. MYR Group’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the company earned $1.28 earnings per share. As a group, sell-side analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MYRG has been the topic of several research reports. The Goldman Sachs Group lifted their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Robert W. Baird increased their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus boosted their price target on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group 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.