MYR Group Inc. (NASDAQ:MYRG) Short Interest Update

MYR Group Inc. (NASDAQ:MYRG) was the recipient of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 513,200 shares, a decrease of 25.6% from the December 15th total of 689,900 shares. Approximately 3.2% of the company’s stock are sold short. Based on an average trading volume of 220,000 shares, the days-to-cover ratio is presently 2.3 days.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MYRG. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Robert W. Baird lifted their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price objective on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, Stifel Nicolaus raised their target price on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.00.

MYR Group Stock Up 2.4 %

MYRG traded up $3.45 during trading on Wednesday, hitting $146.03. The company had a trading volume of 144,317 shares, compared to its average volume of 243,680. The company has a market cap of $2.35 billion, a PE ratio of 63.77 and a beta of 0.96. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a 1-year low of $86.60 and a 1-year high of $181.02. The business has a 50-day moving average of $153.12 and a 200-day moving average of $128.31.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.25 by $0.40. The business had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.28 earnings per share. As a group, analysts forecast that MYR Group will post 1.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Tidal Investments LLC raised its position in shares of MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock valued at $438,000 after acquiring an additional 83 shares in the last quarter. GAMMA Investing LLC increased its stake in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 118 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in MYR Group by 0.6% during the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after purchasing an additional 160 shares during the last quarter. Encompass Capital Advisors LLC raised its holdings in shares of MYR Group by 1.2% during the second quarter. Encompass Capital Advisors LLC now owns 48,187 shares of the utilities provider’s stock worth $6,539,000 after purchasing an additional 554 shares during the period. Finally, Inspire Investing LLC lifted its position in shares of MYR Group by 27.9% in the 2nd quarter. Inspire Investing LLC now owns 2,590 shares of the utilities provider’s stock worth $351,000 after buying an additional 565 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

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.