Stifel Nicolaus Lowers MYR Group (NASDAQ:MYRG) Price Target to $131.00

MYR Group (NASDAQ:MYRG) had its price objective cut by Stifel Nicolaus from $157.00 to $131.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the utilities provider’s stock. Stifel Nicolaus’ price target points to a potential upside of 17.08% from the company’s previous close.

Other analysts have also issued research reports about the stock. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. KeyCorp raised shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a research note on Friday, March 14th. Finally, Piper Sandler began coverage on shares of MYR Group in a research report on Tuesday. They issued a “neutral” rating and a $124.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $140.60.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $111.89 on Wednesday. The business’s 50-day simple moving average is $122.79 and its 200 day simple moving average is $134.20. The company has a market cap of $1.81 billion, a P/E ratio of 48.86 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group has a one year low of $86.60 and a one year high of $172.73.

Institutional Trading of MYR Group

Several institutional investors have recently added to or reduced their stakes in MYRG. GAMMA Investing LLC increased its position in shares of MYR Group by 12,329.7% in the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider’s stock worth $7,802,000 after purchasing an additional 68,430 shares during the last quarter. Versant Capital Management Inc grew its stake in MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 210 shares in the last quarter. Wellington Management Group LLP bought a new stake in MYR Group in the fourth quarter valued at about $60,217,000. Mackenzie Financial Corp raised its stake in MYR Group by 121.4% during the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock valued at $1,609,000 after buying an additional 5,930 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in MYR Group by 4.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider’s stock worth $14,309,000 after buying an additional 3,720 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

About MYR Group

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.