Quanta Services (NYSE:PWR) had its price target lowered by Robert W. Baird from $41.00 to $39.00 in a research note published on Friday. Robert W. Baird currently has a neutral rating on the construction company’s stock.
A number of other research firms also recently weighed in on PWR. Zacks Investment Research upgraded Quanta Services from a sell rating to a hold rating in a research report on Friday, August 31st. B. Riley raised their price target on Quanta Services from $52.00 to $53.00 and gave the company a buy rating in a research report on Monday, August 6th. ValuEngine downgraded Quanta Services from a hold rating to a sell rating in a research report on Wednesday, August 8th. Citigroup lowered their price target on Quanta Services from $53.00 to $50.00 and set a buy rating on the stock in a research report on Friday. Finally, Cfra restated a buy rating and set a $40.00 price target on shares of Quanta Services in a research report on Thursday, September 6th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Quanta Services presently has an average rating of Buy and a consensus target price of $44.80.
Shares of PWR stock traded up $0.11 on Friday, reaching $34.49. The company’s stock had a trading volume of 429,053 shares, compared to its average volume of 1,499,768. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.81 and a current ratio of 1.86. Quanta Services has a 12-month low of $30.25 and a 12-month high of $40.10. The company has a market capitalization of $5.12 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.70 and a beta of 0.84.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, November 1st. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.09). Quanta Services had a return on equity of 8.57% and a net margin of 3.32%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter last year, the business posted $0.63 EPS. The company’s quarterly revenue was up 14.4% on a year-over-year basis. On average, sell-side analysts forecast that Quanta Services will post 2.52 EPS for the current fiscal year.
Quanta Services announced that its board has authorized a share buyback plan on Tuesday, September 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the construction company to reacquire up to 9.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First National Bank of Omaha increased its holdings in shares of Quanta Services by 1.8% in the third quarter. First National Bank of Omaha now owns 146,250 shares of the construction company’s stock worth $4,882,000 after buying an additional 2,625 shares during the period. Virginia Retirement Systems ET AL purchased a new position in shares of Quanta Services in the third quarter worth about $574,000. Bank of The West increased its holdings in shares of Quanta Services by 2.5% in the third quarter. Bank of The West now owns 86,342 shares of the construction company’s stock worth $2,882,000 after buying an additional 2,140 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Quanta Services by 82.7% in the third quarter. Meeder Asset Management Inc. now owns 75,185 shares of the construction company’s stock worth $2,511,000 after buying an additional 34,035 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in shares of Quanta Services by 18.0% in the third quarter. Wells Fargo & Company MN now owns 594,280 shares of the construction company’s stock worth $19,836,000 after buying an additional 90,780 shares during the period. Hedge funds and other institutional investors own 85.42% of the company’s stock.
Quanta Services Company Profile
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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