MYR Group Inc. (NASDAQ:MYRG – Get Free Report) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 840,400 shares, an increase of 27.9% from the September 30th total of 657,100 shares. Approximately 5.2% of the company’s stock are sold short. Based on an average daily trading volume, of 253,400 shares, the days-to-cover ratio is currently 3.3 days.
MYR Group Stock Performance
MYRG opened at $114.36 on Monday. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.92 billion, a PE ratio of 22.16 and a beta of 0.93. The firm has a 50 day moving average of $104.88 and a two-hundred day moving average of $129.82.
MYR Group (NASDAQ:MYRG – Get Free Report) last posted 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). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. During the same period in the prior year, the business posted $1.33 earnings per share. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. On average, analysts anticipate that MYR Group will post 0.88 EPS for the current year.
Hedge Funds Weigh In On MYR Group
Analysts Set New Price Targets
A number of research firms recently commented on MYRG. Robert W. Baird lowered their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus lowered their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group lowered their target price on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Finally, StockNews.com cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $137.75.
Check Out Our Latest Stock Report on MYR Group
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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