MYR Group (NASDAQ:MYRG) Stock Rating Lowered by The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of MYR Group (NASDAQ:MYRG - Free Report) from a buy rating to a neutral rating in a research note published on Friday, Marketbeat.com reports. The Goldman Sachs Group currently has $168.00 target price on the utilities provider's stock, up from their previous target price of $145.00.

A number of other research firms also recently issued reports on MYRG. Wall Street Zen upgraded shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. KeyCorp lifted their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Piper Sandler lifted their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Stifel Nicolaus reduced their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Finally, Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $157.00.

MYR Group Stock Performance

NASDAQ:MYRG traded up $0.63 during mid-day trading on Friday, reaching $166.20. The stock had a trading volume of 238,376 shares, compared to its average volume of 225,230. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of 72.58 and a beta of 1.17. MYR Group has a twelve month low of $86.60 and a twelve month high of $168.88. The business has a 50 day simple moving average of $139.33 and a 200 day simple moving average of $140.09.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm's revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 earnings per share. On average, analysts expect that MYR Group will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quarry LP raised its position in shares of MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after purchasing an additional 179 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of MYR Group during the 4th quarter worth approximately $47,000. Smartleaf Asset Management LLC raised its position in shares of MYR Group by 697.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after purchasing an additional 286 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after purchasing an additional 165 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.