Dark Forest Capital Management LP Makes New Investment in MYR Group Inc. (NASDAQ:MYRG)

Dark Forest Capital Management LP bought a new position in shares of MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,002 shares of the utilities provider’s stock, valued at approximately $447,000.

Other large investors also recently modified their holdings of the company. Barclays PLC grew its holdings in shares of MYR Group by 192.2% during the third quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock valued at $3,578,000 after purchasing an additional 23,013 shares during the last quarter. Tidal Investments LLC boosted its position in MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock valued at $438,000 after purchasing an additional 83 shares during the period. Principal Financial Group Inc. grew its stake in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock worth $44,113,000 after buying an additional 15,361 shares during the last quarter. GAMMA Investing LLC increased its position in MYR Group by 27.0% in the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after buying an additional 118 shares during the period. Finally, West Oak Capital LLC lifted its stake in MYR Group by 234.4% in the fourth quarter. West Oak Capital LLC now owns 4,515 shares of the utilities provider’s stock valued at $672,000 after buying an additional 3,165 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

MYR Group Stock Performance

MYRG opened at $123.43 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 53.90 and a beta of 1.07. The business has a 50 day moving average price of $117.30 and a two-hundred day moving average price of $134.96. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $171.10.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Piper Sandler initiated coverage on shares of MYR Group in a report on Tuesday, April 8th. They issued a “neutral” rating and a $124.00 price objective on the stock. Stifel Nicolaus decreased their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group cut their target price on MYR Group from $164.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday. Robert W. Baird decreased their price target 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. Finally, KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $139.00.

MYR Group 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.