MYR Group (NASDAQ:MYRG) PT Lowered to $124.00 at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG) had its target price reduced by analysts at The Goldman Sachs Group from $182.00 to $124.00 in a research 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 21.98% from the company’s current price.

Several other research analysts also recently weighed in on MYRG. Robert W. Baird lowered their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus reduced their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $137.75.

MYR Group Trading Down 0.8 %

NASDAQ:MYRG opened at $101.66 on Thursday. The stock’s 50 day moving average price is $111.59 and its 200 day moving average price is $140.39. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02. The company has a market capitalization of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93. 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 announced its earnings results 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 analysts’ expectations of $876.07 million. During the same quarter last year, the business posted $1.33 earnings per share. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, research analysts anticipate that MYR Group will post 0.91 EPS for the current year.

Institutional Trading of MYR Group

Hedge funds have recently modified their holdings of the business. Capital World Investors raised its holdings in MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after purchasing an additional 831,066 shares during the last quarter. Swedbank AB acquired a new position in MYR Group during the first quarter worth $51,452,000. Artisan Partners Limited Partnership acquired a new position in MYR Group during the fourth quarter worth $15,659,000. F M Investments LLC acquired a new position in MYR Group during the second quarter worth $10,800,000. Finally, Millennium Management LLC raised its holdings in MYR Group by 68.9% during the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after purchasing an additional 69,886 shares during the last quarter. 88.90% of the stock is 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.