MYR Group (NASDAQ:MYRG) Downgraded by StockNews.com

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

Several other research analysts also recently issued reports on MYRG. Stifel Nicolaus reduced their price objective on MYR Group from $172.00 to $119.00 and set a buy rating on the stock 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 on the stock in a report on Thursday, August 1st. One equities research 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, MYR Group currently has an average rating of Hold and a consensus target price of $137.75.

MYR Group Price Performance

Shares of MYRG stock opened at $101.66 on Wednesday. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The stock has a market capitalization of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93. 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’s fifty day moving average is $111.59 and its 200-day moving average is $140.39.

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

Institutional Investors Weigh In On MYR Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC bought a new position in MYR Group during the first quarter worth about $48,000. Quest Partners LLC bought a new position in MYR Group during the 4th quarter worth approximately $60,000. GAMMA Investing LLC boosted its stake in MYR Group by 37.8% during the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 164 shares during the last quarter. Covestor Ltd grew its holdings in MYR Group by 23.7% during the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the period. Finally, RiverPark Advisors LLC increased its stake in MYR Group by 21.9% in the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after purchasing an additional 196 shares in the last quarter. 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.