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

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

A number of other research analysts have also issued reports on the company. Stifel Nicolaus lowered their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Robert W. Baird reduced their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, MYR Group presently has a consensus rating of “Hold” and an average price target of $147.75.

MYR Group Trading Up 1.7 %

MYR Group stock opened at $100.69 on Wednesday. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02. The firm’s 50-day moving average is $113.80 and its 200-day moving average is $141.42. 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 company has a market cap of $1.69 billion, a P/E ratio of 19.51 and a beta of 0.93.

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 analysts’ consensus estimates of $1.07 by ($1.98). The business had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business’s revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 EPS. On average, equities analysts expect that MYR Group will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new stake in shares of MYR Group during the first quarter valued at about $48,000. Quest Partners LLC acquired a new position in MYR Group during the 4th quarter valued at about $60,000. GAMMA Investing LLC raised its position in shares of 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 buying an additional 164 shares in the last quarter. Covestor Ltd lifted its stake in shares of 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 acquiring an additional 132 shares during the period. Finally, RiverPark Advisors LLC boosted its holdings in shares of 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 acquiring an additional 196 shares in the last quarter. Institutional investors and hedge funds 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.