Stifel Nicolaus Has Lowered Expectations for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG - Get Free Report) had its price target dropped by equities researchers at Stifel Nicolaus from $157.00 to $131.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the utilities provider's stock. Stifel Nicolaus' price objective points to a potential upside of 16.91% from the company's current price.

Several other research firms have also commented on MYRG. Robert W. Baird reduced their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating for the company in a research note on Thursday, February 27th. Piper Sandler initiated coverage on MYR Group in a research report on Tuesday, April 8th. They issued a "neutral" rating and a $124.00 price target for the company. Finally, KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective on the stock in a research report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus target price of $140.60.

MYR Group Stock Performance

NASDAQ MYRG traded up $0.19 during trading hours on Wednesday, hitting $112.05. 37,813 shares of the company's stock traded hands, compared to its average volume of 208,237. MYR Group has a 52 week low of $86.60 and a 52 week high of $172.73. The firm has a market capitalization of $1.81 billion, a P/E ratio of 48.93 and a beta of 1.07. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The business's fifty day moving average price is $122.20 and its two-hundred day moving average price is $134.52.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its stake in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares during the period. Millennium Management LLC grew its stake in MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after acquiring an additional 128,159 shares in the last quarter. Principal Financial Group Inc. increased its holdings in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after acquiring an additional 15,361 shares during the last quarter. Wellington Management Group LLP purchased a new stake in MYR Group in the 4th quarter worth $60,217,000. Finally, American Century Companies Inc. boosted its holdings in shares of MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after purchasing an additional 91,644 shares during the last quarter. 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.