Goodlander Investment Management LLC Takes Position in MYR Group Inc. (NASDAQ:MYRG)

Goodlander Investment Management LLC purchased a new position in shares of MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,000 shares of the utilities provider’s stock, valued at approximately $1,488,000. MYR Group comprises 1.1% of Goodlander Investment Management LLC’s portfolio, making the stock its 10th biggest position. Goodlander Investment Management LLC owned about 0.06% of MYR Group at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several analysts have recently commented on MYRG shares. KeyCorp lifted their price target on shares of MYR Group from $136.00 to $163.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Piper Sandler upped their price target on MYR Group from $124.00 to $138.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Stifel Nicolaus lowered their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. StockNews.com upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Finally, The Goldman Sachs Group lowered their target price on shares of MYR Group from $164.00 to $145.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.40.

MYR Group Price Performance

MYRG opened at $155.25 on Friday. The stock’s 50-day moving average price is $121.52 and its 200 day moving average price is $136.49. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $168.88. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 67.80 and a beta of 1.06. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. The business had revenue of $833.62 million for the quarter, compared to analysts’ expectations of $788.98 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.12 earnings per share. As a group, sell-side analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current 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.