Quanta Services (NYSE:PWR) Research Coverage Started at Wolfe Research

Research analysts at Wolfe Research initiated coverage on shares of Quanta Services (NYSE:PWR) in a research note issued on Thursday, Briefing.com reports. The brokerage set an “outperform” rating and a $313.00 price target on the construction company’s stock. Wolfe Research’s price objective points to a potential upside of 15.05% from the company’s previous close.

Several other equities research analysts have also weighed in on PWR. Jefferies Financial Group assumed coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective on the stock. Argus increased their price objective on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Northland Securities lifted their price target on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, The Goldman Sachs Group upped their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the stock a “buy” rating in a research note on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $286.69.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $272.06 on Thursday. The firm has a market capitalization of $40.08 billion, a price-to-earnings ratio of 52.72 and a beta of 1.01. Quanta Services has a one year low of $153.74 and a one year high of $286.87. The business has a fifty day simple moving average of $261.22 and a 200 day simple moving average of $260.89. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the company posted $1.47 EPS. The business’s revenue was up 10.8% on a year-over-year basis. Sell-side analysts expect that Quanta Services will post 7.82 EPS for the current year.

Insider Activity

In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the sale, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Redgie Probst sold 34,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the transaction, the chief operating officer now directly owns 29,002 shares in the company, valued at approximately $7,541,390.06. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock valued at $53,115,572 over the last 90 days. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quanta Services

Several hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new position in shares of Quanta Services during the 1st quarter worth about $25,000. Private Ocean LLC acquired a new position in Quanta Services during the first quarter valued at approximately $26,000. Salomon & Ludwin LLC bought a new stake in Quanta Services in the first quarter valued at approximately $26,000. Cambridge Trust Co. acquired a new stake in Quanta Services in the first quarter worth $26,000. Finally, Valley Wealth Managers Inc. bought a new position in shares of Quanta Services during the second quarter worth $33,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Company Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.