Brokerages expect Quanta Services Inc (NYSE:PWR) to post sales of $2.96 billion for the current quarter, Zacks reports. Six analysts have made estimates for Quanta Services’ earnings, with the highest sales estimate coming in at $3.03 billion and the lowest estimate coming in at $2.87 billion. Quanta Services reported sales of $2.61 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 13.4%. The business is expected to announce its next quarterly earnings results on Thursday, November 1st.
According to Zacks, analysts expect that Quanta Services will report full year sales of $10.59 billion for the current financial year, with estimates ranging from $10.55 billion to $10.63 billion. For the next year, analysts anticipate that the firm will post sales of $11.27 billion, with estimates ranging from $11.10 billion to $11.44 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Quanta Services.
Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 2nd. The construction company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Quanta Services had a return on equity of 7.72% and a net margin of 3.10%. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter in the prior year, the firm earned $0.50 earnings per share. The business’s revenue was up 20.7% compared to the same quarter last year.
PWR has been the subject of a number of research analyst reports. B. Riley lifted their price target on shares of Quanta Services from $52.00 to $53.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Monday, July 23rd. ValuEngine downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Finally, Cfra reissued a “buy” rating and issued a $40.00 price objective on shares of Quanta Services in a report on Thursday, September 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $45.80.
Several institutional investors and hedge funds have recently bought and sold shares of PWR. Dupont Capital Management Corp boosted its holdings in shares of Quanta Services by 202.9% in the second quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock worth $136,000 after buying an additional 2,737 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Quanta Services during the second quarter valued at approximately $204,000. Sharkey Howes & Javer purchased a new position in Quanta Services during the third quarter valued at approximately $230,000. BlueMountain Capital Management LLC purchased a new position in Quanta Services during the second quarter valued at approximately $233,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Quanta Services during the second quarter valued at approximately $244,000. 84.82% of the stock is currently owned by institutional investors.
Shares of PWR stock traded down $0.22 during trading hours on Friday, reaching $32.09. The company had a trading volume of 1,173,409 shares, compared to its average volume of 1,378,526. Quanta Services has a one year low of $31.02 and a one year high of $40.10. The firm has a market capitalization of $4.81 billion, a PE ratio of 18.03, a P/E/G ratio of 1.60 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23.
Quanta Services declared that its board has initiated a share repurchase program on Tuesday, September 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to buy up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
About Quanta Services
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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