Why MYR Group (MYRG) Stock Is Plummeting Today

NEW YORK (TheStreet) -- Shares of MYR Group  (MYRG) are sinking, down -6.45% to $22.92, after the holding company was downgraded today to "market perform" from "outperform" with a $27 price target, down from $30, at FBR Capital Markets  (FBRC).

The downgrade comes after the company reported lower than expected second quarter earnings on Wednesday of 36 cents per share, lower than the 44 cents per share in the same quarter of 2013, and missing the Thomson Reuters consensus estimate of 41 cents.  

Revenue for the quarter matched the consensus estimate of $228.90 million, and was up 7% year over year.

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Separately, TheStreet Ratings team rates MYR GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate MYR GROUP INC (MYRG) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."

MYRG ChartMYRG data by YCharts

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