MYR Group (NASDAQ:MYRG – Free Report) had its price objective trimmed by Stifel Nicolaus from $172.00 to $119.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a buy rating on the utilities provider’s stock.
Separately, 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 note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $147.75.
View Our Latest Analysis on MYRG
MYR Group Stock Up 0.7 %
MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $828.89 million for the quarter, compared to the consensus estimate of $876.07 million. During the same period in the previous year, the business posted $1.33 earnings per share. MYR Group’s revenue was down 6.7% on a year-over-year basis. On average, analysts anticipate that MYR Group will post 5.4 EPS for the current year.
Hedge Funds Weigh In On MYR Group
Several institutional investors have recently added to or reduced their stakes in MYRG. Texas Permanent School Fund Corp increased its holdings in shares of MYR Group by 13.5% during the second quarter. Texas Permanent School Fund Corp now owns 16,600 shares of the utilities provider’s stock worth $2,253,000 after buying an additional 1,976 shares in the last quarter. Choreo LLC acquired a new stake in MYR Group during the 2nd quarter valued at $481,000. TD Asset Management Inc raised its position in MYR Group by 10.4% in the 2nd quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after purchasing an additional 500 shares during the last quarter. Peregrine Capital Management LLC boosted its stake in MYR Group by 1.3% in the second quarter. Peregrine Capital Management LLC now owns 64,911 shares of the utilities provider’s stock worth $8,809,000 after purchasing an additional 844 shares in the last quarter. Finally, F M Investments LLC bought a new stake in shares of MYR Group during the second quarter worth $10,800,000. 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.
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