MYR Group (NASDAQ:MYRG) Upgraded at StockNews.com

StockNews.com upgraded shares of MYR Group (NASDAQ:MYRG) from a sell rating to a hold rating in a research note released on Tuesday morning.

MYRG has been the topic of a number of other research reports. Stifel Nicolaus cut their price target 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. Robert W. Baird cut their price objective 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. 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 stock currently has a consensus rating of Moderate Buy and an average target price of $147.75.

MYR Group Price Performance

MYRG stock opened at $94.53 on Tuesday. 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 firm has a market cap of $1.58 billion, a P/E ratio of 18.32 and a beta of 0.93. The firm’s fifty day moving average is $115.19 and its 200 day moving average is $142.71. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) 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 firm’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 EPS. Research analysts predict that MYR Group will post 3.11 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. UniSuper Management Pty Ltd bought a new stake in shares of MYR Group in the 1st quarter worth approximately $645,000. Trexquant Investment LP purchased a new position in MYR Group during the fourth quarter valued at $1,017,000. Trillium Asset Management LLC grew its stake in shares of MYR Group by 60.3% in the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock worth $13,733,000 after acquiring an additional 29,215 shares during the last quarter. Capital World Investors purchased a new position in shares of MYR Group in the 4th quarter worth about $20,781,000. Finally, Essex Investment Management Co. LLC bought a new position in MYR Group in the 1st quarter worth about $1,359,000. 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.