Zacks Investment Research downgraded shares of Quanta Services (NYSE:PWR) from a hold rating to a sell rating in a research report report published on Monday, January 8th.
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.”
Several other equities research analysts have also recently weighed in on the company. Robert W. Baird set a $42.00 price target on Quanta Services and gave the company a hold rating in a research note on Wednesday, January 3rd. Stifel Nicolaus reissued a buy rating on shares of Quanta Services in a research note on Thursday, December 14th. Citigroup set a $47.00 price target on Quanta Services and gave the company a buy rating in a research note on Friday, October 27th. ValuEngine cut Quanta Services from a buy rating to a hold rating in a research note on Tuesday, October 10th. Finally, Seaport Global Securities reaffirmed a buy rating and set a $45.00 target price (up previously from $41.00) on shares of Quanta Services in a research note on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company’s stock. Quanta Services presently has a consensus rating of Buy and a consensus price target of $44.73.
Quanta Services (PWR) traded up $0.04 during trading hours on Monday, hitting $38.73. The stock had a trading volume of 1,039,900 shares, compared to its average volume of 1,293,400. 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 company has a market cap of $5,960.00, a P/E ratio of 20.94, a price-to-earnings-growth ratio of 2.11 and a beta of 0.87.
Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, November 2nd. The construction company reported $0.63 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the prior year, the company earned $0.55 EPS. Quanta Services’s revenue for the quarter was up 27.8% on a year-over-year basis. analysts expect that Quanta Services will post 1.77 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of PWR. Mckinley Capital Management LLC Delaware bought a new position in shares of Quanta Services in the third quarter valued at approximately $111,000. Tower Research Capital LLC TRC lifted its holdings 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 valued at $112,000 after purchasing an additional 2,190 shares in the last quarter. Commonwealth Bank of Australia bought a new position in shares of Quanta Services in the second quarter valued at approximately $164,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Quanta Services by 14.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock valued at $189,000 after purchasing an additional 708 shares in the last quarter. Finally, Intact Investment Management Inc. bought a new position in shares of Quanta Services in the third quarter valued at approximately $209,000. Institutional investors own 85.85% of the company’s stock.
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Quanta Services Company Profile
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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