MYR Group (NASDAQ:MYRG) Downgraded to “Sell” at StockNews.com

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

Other equities research analysts have also issued research reports about the company. Robert W. Baird lowered 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. Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a buy rating for the company in a research report on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $147.75.

MYR Group Stock Up 0.8 %

MYRG stock opened at $100.80 on Monday. MYR Group has a 12 month low of $92.48 and a 12 month high of $181.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The company has a market capitalization of $1.69 billion, a P/E ratio of 19.53 and a beta of 0.99. The firm’s fifty day simple moving average is $122.23 and its 200-day simple moving average is $146.20.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (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 analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same period last year, the firm earned $1.33 EPS. As a group, equities research analysts forecast that MYR Group will post 3.11 earnings per share for the current year.

Hedge Funds Weigh In On MYR Group

Large investors have recently added to or reduced their stakes in the stock. Fidelis Capital Partners LLC acquired a new position in shares of MYR Group during the first quarter valued at approximately $48,000. Quest Partners LLC acquired a new stake in shares of MYR Group in the fourth quarter worth approximately $60,000. GAMMA Investing LLC increased its position in shares of MYR Group by 37.8% during the first quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 164 shares in the last quarter. Covestor Ltd raised its stake in MYR Group by 23.7% in the 1st 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 last quarter. Finally, RiverPark Advisors LLC raised its stake in MYR Group by 21.9% in the 2nd 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 during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.