MYR Group Inc. (NASDAQ:MYRG – Get Free Report) was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 546,700 shares, a drop of 17.2% from the July 31st total of 660,400 shares. Based on an average trading volume of 210,000 shares, the short-interest ratio is currently 2.6 days. Currently, 3.4% of the shares of the stock are short sold.
Analyst Ratings Changes
Several research firms recently issued reports on MYRG. Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Robert W. Baird reduced their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $147.75.
Read Our Latest Stock Analysis on MYR Group
Hedge Funds Weigh In On MYR Group
MYR Group Stock Performance
Shares of MYR Group stock opened at $100.80 on Friday. MYR Group has a fifty-two week low of $92.48 and a fifty-two week high of $181.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market capitalization of $1.66 billion, a P/E ratio of 19.53 and a beta of 0.99. The company’s 50 day moving average price is $123.01 and its two-hundred day moving average price is $146.66.
MYR Group (NASDAQ:MYRG – Get Free Report) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share 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 analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 EPS. On average, equities analysts forecast that MYR Group will post 3.11 earnings per share for the current fiscal year.
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.
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