Quanta Services, Inc. (NYSE:PWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, October 16th. The firm currently has a $42.00 price target on the construction company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.02% from the company’s previous close.
According to Zacks, “Over the past one year, shares of Quanta Services have outperformed that of the industry. Quanta Services remains confident about the prospects of its end markets over the next two years. The company believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars. The company’s communications infrastructure services business is also expected to benefit from present industry trends. In addition, Quanta Services is actively pursuing opportunities with various U.S. telecom and cable MSOs. However, on the flip side, lack of a commissioner quorum in Federal Energy Regulatory Commission (“FERC”) has put up a lot of major projects on hold, adding to Quanta Services’ woes. Also, project losses and delays, pose as threats.”
Several other equities research analysts have also weighed in on PWR. FBR & Co raised Quanta Services to an “outperform” rating and raised their target price for the stock from $40.00 to $45.00 in a research report on Wednesday, August 9th. BidaskClub raised Quanta Services from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $45.00 price target on shares of Quanta Services in a research report on Friday, August 4th. Seaport Global Securities reaffirmed a “buy” rating and set a $45.00 price target (up previously from $41.00) on shares of Quanta Services in a research report on Wednesday, October 11th. Finally, UBS AG raised Quanta Services from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $42.00 in a research report on Thursday, July 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $42.40.
Shares of Quanta Services (NYSE:PWR) opened at 37.83 on Monday. Quanta Services has a 12-month low of $27.29 and a 12-month high of $38.82. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of 21.51 and a beta of 0.83. The company’s 50-day moving average is $37.07 and its 200-day moving average is $34.55.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.03). Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period last year, the business posted $0.18 EPS. Quanta Services’s revenue was up 22.8% on a year-over-year basis. Analysts predict that Quanta Services will post $2.02 EPS for the current year.
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In related news, EVP Randall C. Wisenbaker sold 9,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total value of $316,350.00. Following the completion of the transaction, the executive vice president now directly owns 34,797 shares in the company, valued at $1,223,114.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Wood III sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total value of $138,040.00. Following the completion of the transaction, the director now owns 7,506 shares of the company’s stock, valued at $259,032.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,000 shares of company stock valued at $597,550. Insiders own 0.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted its position in shares of Quanta Services by 182.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock worth $112,000 after buying an additional 2,190 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Quanta Services in the first quarter worth about $134,000. Bessemer Group Inc. boosted its position in shares of Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after buying an additional 840 shares during the period. Commonwealth Bank of Australia purchased a new stake in shares of Quanta Services in the second quarter worth about $164,000. Finally, Thrivent Financial For Lutherans purchased a new stake in shares of Quanta Services in the first quarter worth about $206,000. 86.98% of the stock is owned by hedge funds and other institutional investors.
About Quanta Services
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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