MYR Group (NASDAQ:MYRG) Cut to "Buy" at Wall Street Zen

Key Points

• MYR Group was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, signaling a shift in investor sentiment.
• Analysts at Jefferies set a "hold" rating with a target price of $202, while Goldman Sachs increased its target from $168 to $205.
• MYR Group's stock is currently trading at $199.55, down 1.8%, with a consensus rating of "hold" and a price target of $191.83 from various analysts.

MYR Group (NASDAQ:MYRG - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Friday.

Several other equities research analysts also recently commented on the stock. Jefferies Financial Group began coverage on shares of MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company. The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. KeyCorp reiterated a "sector weight" rating on shares of MYR Group in a report on Wednesday. Weiss Ratings reiterated a "hold (c+)" rating on shares of MYR Group in a report on Saturday, September 27th. Finally, Stifel Nicolaus set a $210.00 target price on shares of MYR Group in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $191.83.

MYR Group Stock Down 1.8%

MYRG traded down $3.72 during midday trading on Friday, hitting $199.55. The company had a trading volume of 261,229 shares, compared to its average volume of 274,821. MYR Group has a 52 week low of $97.72 and a 52 week high of $220.01. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 41.66 and a beta of 1.19. The stock's 50 day moving average price is $187.09 and its 200 day moving average price is $164.09. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. The firm had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.91) earnings per share. On average, research analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. GAMMA Investing LLC boosted its holdings in shares of MYR Group by 14.2% in the third quarter. GAMMA Investing LLC now owns 916 shares of the utilities provider's stock worth $191,000 after acquiring an additional 114 shares during the period. Texas Permanent School Fund Corp grew its holdings in MYR Group by 34.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 17,546 shares of the utilities provider's stock valued at $3,184,000 after buying an additional 4,486 shares in the last quarter. Osaic Holdings Inc. grew its holdings in MYR Group by 200.5% during the 2nd quarter. Osaic Holdings Inc. now owns 1,755 shares of the utilities provider's stock valued at $316,000 after buying an additional 1,171 shares in the last quarter. Squarepoint Ops LLC grew its holdings in MYR Group by 81.9% during the 2nd quarter. Squarepoint Ops LLC now owns 32,390 shares of the utilities provider's stock valued at $5,877,000 after buying an additional 14,588 shares in the last quarter. Finally, Neuberger Berman Group LLC purchased a new position in MYR Group during the second quarter valued at approximately $257,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.