Zacks Investment Research cut shares of Quanta Services (NYSE:PWR) from a hold rating to a sell rating in a report published on Monday.
According to Zacks, “Quanta Services has a dreadful earnings history – with three consecutive earnings misses over the trailing four quarters. Current volatility in the oil and gas market, along with reduced consumer spending, has been affecting the company’s projects and orders. In addition, seasonality and the cancellation of pipeline projects in the oil and gas business are likely to impact the company’s backlog. Also, intensifying competition in the industry and currency fluctuations is affecting the company’s profits. Moreover, shares of Quanta Services have underperformed that of the industry, in the last three months. However, the company remains confident about the prospects of its end markets over the next two years. The company also believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars.”
A number of other brokerages have also recently commented on PWR. Robert W. Baird set a $42.00 target price on Quanta Services and gave the stock a hold rating in a report on Wednesday, January 3rd. Stifel Nicolaus reiterated a buy rating on shares of Quanta Services in a research note on Thursday, December 14th. KeyCorp reiterated a buy rating and issued a $46.00 price target on shares of Quanta Services in a research note on Wednesday, November 29th. B. Riley raised their price objective on Quanta Services from $45.00 to $48.00 and gave the company a buy rating in a research report on Tuesday, November 7th. Finally, Citigroup set a $47.00 price target on Quanta Services and gave the stock a buy rating in a research report on Friday, October 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $44.73.
Shares of Quanta Services (NYSE PWR) traded down $0.50 on Monday, reaching $38.14. The company’s stock had a trading volume of 1,669,800 shares, compared to its average volume of 1,320,157. The company has a current ratio of 1.85, a quick ratio of 1.80 and a debt-to-equity ratio of 0.20. Quanta Services has a 1-year low of $30.23 and a 1-year high of $40.10. The stock has a market cap of $6,050.00, a P/E ratio of 20.62, a price-to-earnings-growth ratio of 2.16 and a beta of 0.87.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, November 2nd. The construction company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.61 by $0.02. Quanta Services had a return on equity of 8.47% and a net margin of 3.18%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same period last year, the business posted $0.55 EPS. The company’s revenue was up 27.8% compared to the same quarter last year. equities analysts expect that Quanta Services will post 1.77 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the stock. Fox Run Management L.L.C. acquired a new position in shares of Quanta Services in the third quarter worth about $1,151,000. BP Capital Fund Advisors LLC acquired a new position in shares of Quanta Services during the 2nd quarter worth about $3,915,000. Pacer Advisors Inc. raised its position in shares of Quanta Services by 19.9% during the 3rd quarter. Pacer Advisors Inc. now owns 28,602 shares of the construction company’s stock worth $1,069,000 after purchasing an additional 4,741 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Quanta Services during the 3rd quarter worth about $2,429,000. Finally, Schwab Charles Investment Management Inc. grew its stake in Quanta Services by 12.3% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 826,428 shares of the construction company’s stock valued at $30,884,000 after acquiring an additional 90,651 shares in the last quarter. 85.82% of the stock is owned by institutional investors.
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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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