The Goldman Sachs Group Cuts MYR Group (NASDAQ:MYRG) Price Target to $124.00

MYR Group (NASDAQ:MYRG) had its price target dropped by equities research analysts at The Goldman Sachs Group from $182.00 to $124.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the utilities provider’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 22.11% from the stock’s previous close.

A number of other research firms also recently weighed in on MYRG. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday. 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 research report on Thursday, August 1st. Finally, 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 note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $137.75.

MYR Group Stock Performance

Shares of MYRG traded up $3.67 during trading hours on Thursday, hitting $101.55. The company had a trading volume of 40,055 shares, compared to its average volume of 166,297. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 19.68 and a beta of 0.93. The business has a fifty day moving average of $112.39 and a 200-day moving average of $140.66. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share 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 analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.33 earnings per share. Equities analysts anticipate that MYR Group will post 0.91 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several large investors have recently bought and sold shares of MYRG. Moloney Securities Asset Management LLC grew its stake in shares of MYR Group by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after acquiring an additional 75 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in MYR Group by 1.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after acquiring an additional 100 shares in the last quarter. Janney Montgomery Scott LLC raised its position in shares of MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after purchasing an additional 131 shares during the period. Covestor Ltd lifted its position in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares in the last quarter. Finally, First National Bank of Hutchinson lifted its holdings in MYR Group by 2.6% in the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after purchasing an additional 160 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.