ValuEngine Upgrades Quanta Services (PWR) to “Hold”

ValuEngine upgraded shares of Quanta Services (NYSE:PWR) from a sell rating to a hold rating in a research report report published on Friday.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Quanta Services from a sell rating to a hold rating in a research note on Friday, September 7th. Cfra reissued a buy rating and issued a $40.00 price objective on shares of Quanta Services in a research note on Thursday, September 6th. Robert W. Baird reduced their price objective on shares of Quanta Services from $41.00 to $39.00 and set a neutral rating for the company in a research note on Friday. Citigroup reduced their price objective on shares of Quanta Services from $53.00 to $50.00 and set a buy rating for the company in a research note on Friday. Finally, B. Riley increased their price objective 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. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $44.80.

Shares of PWR stock opened at $34.38 on Friday. Quanta Services has a 12 month low of $30.25 and a 12 month high of $40.10. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 1.70 and a beta of 0.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.82 and a quick ratio of 1.77.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, November 1st. The construction company reported $0.88 EPS for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.09). Quanta Services had a net margin of 3.32% and a return on equity of 8.64%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.93 billion. During the same period in the prior year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was up 14.4% on a year-over-year basis. As a group, research analysts predict that Quanta Services will post 2.52 earnings per share for the current year.

Quanta Services announced that its Board of Directors has initiated a share buyback program on Tuesday, September 4th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the construction company to repurchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Virginia Retirement Systems ET AL purchased a new stake in shares of Quanta Services in the third quarter worth $574,000. Bank of The West grew its stake in Quanta Services by 2.5% during the third quarter. Bank of The West now owns 86,342 shares of the construction company’s stock valued at $2,882,000 after acquiring an additional 2,140 shares in the last quarter. Meeder Asset Management Inc. grew its stake in Quanta Services by 82.7% during the third quarter. Meeder Asset Management Inc. now owns 75,185 shares of the construction company’s stock valued at $2,511,000 after acquiring an additional 34,035 shares in the last quarter. Wells Fargo & Company MN grew its stake in Quanta Services by 18.0% during the third quarter. Wells Fargo & Company MN now owns 594,280 shares of the construction company’s stock valued at $19,836,000 after acquiring an additional 90,780 shares in the last quarter. Finally, Engineers Gate Manager LP grew its stake in Quanta Services by 411.6% during the third quarter. Engineers Gate Manager LP now owns 31,209 shares of the construction company’s stock valued at $1,042,000 after acquiring an additional 25,109 shares in the last quarter. 85.60% of the stock is owned by hedge funds and other institutional investors.

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.

Recommended Story: Buyback

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Quanta Services (NYSE:PWR)

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