MYR Group (NASDAQ:MYRG) was upgraded by analysts at Nomura to a “buy” rating in a note issued to investors on Tuesday.
Several other research firms have also weighed in on MYRG. BidaskClub lowered shares of MYR Group from a “buy” rating to a “hold” rating in a report on Saturday, November 10th. Zacks Investment Research lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Saturday, November 3rd. Citigroup lowered shares of MYR Group to a “sell” rating in a report on Monday, November 5th. Robert W. Baird set a $36.00 price objective on shares of MYR Group and gave the stock a “hold” rating in a report on Thursday, November 1st. Finally, Macquarie raised shares of MYR Group to a “buy” rating in a report on Thursday, December 6th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $40.00.
MYRG opened at $28.96 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.69 and a current ratio of 1.69. MYR Group has a twelve month low of $27.84 and a twelve month high of $40.81. The stock has a market capitalization of $464.48 million, a PE ratio of 18.33 and a beta of 0.36.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The firm had revenue of $399.50 million during the quarter, compared to the consensus estimate of $404.01 million. During the same period in the previous year, the company posted $0.31 EPS. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts expect that MYR Group will post 1.74 earnings per share for the current year.
A number of large investors have recently modified their holdings of MYRG. BlackRock Inc. grew its holdings in MYR Group by 9.1% during the 2nd quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after acquiring an additional 200,044 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of MYR Group by 14.0% in the 3rd quarter. Macquarie Group Ltd. now owns 1,276,522 shares of the utilities provider’s stock valued at $41,666,000 after purchasing an additional 156,681 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of MYR Group by 11.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock valued at $46,769,000 after purchasing an additional 144,858 shares during the last quarter. Putnam Investments LLC bought a new position in shares of MYR Group in the 3rd quarter valued at about $3,381,000. Finally, Renaissance Technologies LLC bought a new position in shares of MYR Group in the 2nd quarter valued at about $1,823,000. 89.60% of the stock is currently owned by hedge funds and other 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 and the renewable energy industries.
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