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

MYR Group (NASDAQ:MYRG) had its price objective dropped by analysts at The Goldman Sachs Group from $182.00 to $124.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 21.98% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird reduced their price target 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 reduced their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Hold” and a consensus price target of $137.75.

MYR Group Price Performance

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 12-month low of $86.60 and a 12-month high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 19.70 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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%. MYR Group’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.33 EPS. As a group, sell-side analysts expect that MYR Group will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Fidelis Capital Partners LLC purchased a new position in shares of MYR Group in the 1st quarter valued at about $48,000. Quest Partners LLC purchased a new position in MYR Group during the 4th quarter worth approximately $60,000. GAMMA Investing LLC grew its stake in MYR Group by 37.8% during the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after buying an additional 164 shares during the last quarter. Covestor Ltd grew its stake in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after buying an additional 132 shares during the last quarter. Finally, RiverPark Advisors LLC grew its stake in MYR Group by 21.9% during the 2nd quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after buying an additional 196 shares during the last quarter. Hedge funds and other 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.