Jade Capital Advisors LLC Makes New Investment in MYR Group Inc. (NASDAQ:MYRG)

Jade Capital Advisors LLC bought a new position in MYR Group Inc. (NASDAQ:MYRG - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 20,000 shares of the utilities provider's stock, valued at approximately $2,045,000. MYR Group makes up about 1.3% of Jade Capital Advisors LLC's portfolio, making the stock its 25th biggest holding. Jade Capital Advisors LLC owned about 0.12% of MYR Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MYRG. Fidelis Capital Partners LLC purchased a new stake in MYR Group during the 1st quarter valued at approximately $48,000. Covestor Ltd grew its holdings in MYR Group by 23.7% during the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider's stock valued at $122,000 after buying an additional 132 shares in the last quarter. RiverPark Advisors LLC grew its holdings in MYR Group by 360.3% during the 1st quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider's stock valued at $158,000 after buying an additional 699 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in MYR Group during the 1st quarter valued at approximately $186,000. Finally, SG Americas Securities LLC purchased a new stake in MYR Group during the 1st quarter valued at approximately $208,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MYRG. Stifel Nicolaus cut their price objective on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating for the company in a report on Monday, August 5th. Robert W. Baird lowered their target price on MYR Group from $170.00 to $143.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. StockNews.com downgraded MYR Group from a "hold" rating to a "sell" rating in a research report on Wednesday, September 18th. Finally, The Goldman Sachs Group lowered their target price on MYR Group from $182.00 to $124.00 and set a "buy" rating for the company in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $137.75.

MYR Group Trading Down 3.5 %

MYRG traded down $4.38 during trading on Tuesday, reaching $119.30. The company had a trading volume of 129,941 shares, compared to its average volume of 172,139. The stock has a market cap of $2.00 billion, a P/E ratio of 23.45 and a beta of 0.93. The business has a 50 day simple moving average of $103.62 and a 200-day simple moving average of $131.44. MYR Group Inc. has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued 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 the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The firm's quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.33 earnings per share. On average, equities analysts anticipate that MYR Group Inc. will post 0.91 EPS for the current fiscal year.

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.