Quanta Services (NYSE:PWR) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Quanta Services (NYSE:PWR) had its price objective hoisted by Robert W. Baird from $320.00 to $333.00 in a report issued on Friday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the construction company’s stock.

A number of other research analysts have also weighed in on the company. Citigroup raised their price objective on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Jefferies Financial Group began 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. UBS Group raised their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. TD Cowen upped their price target on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Truist Financial lifted their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Stock Performance

NYSE PWR opened at $304.32 on Friday. The business has a 50-day moving average price of $290.40 and a 200-day moving average price of $273.04. The firm has a market cap of $44.84 billion, a price-to-earnings ratio of 56.09 and a beta of 1.01. Quanta Services has a twelve month low of $163.93 and a twelve month high of $317.91. The company has a quick ratio of 1.25, a current ratio of 1.23 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter last year, the business posted $2.08 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Quanta Services will post 7.82 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

Insider Transactions at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quanta Services

Large investors have recently modified their holdings of the business. Laffer Tengler Investments Inc. increased its holdings in Quanta Services by 49.0% during the third quarter. Laffer Tengler Investments Inc. now owns 11,786 shares of the construction company’s stock valued at $3,514,000 after buying an additional 3,874 shares during the period. Versor Investments LP purchased a new position in shares of Quanta Services in the 3rd quarter valued at $406,000. Catalytic Wealth RIA LLC bought a new position in shares of Quanta Services in the 3rd quarter worth $219,000. Wolverine Asset Management LLC purchased a new stake in shares of Quanta Services during the 3rd quarter worth $1,193,000. Finally, Peregrine Asset Advisers Inc. boosted its position in Quanta Services by 0.6% during the third quarter. Peregrine Asset Advisers Inc. now owns 15,928 shares of the construction company’s stock valued at $4,749,000 after purchasing an additional 89 shares in the last quarter. Institutional investors own 90.49% of the company’s stock.

About Quanta Services

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.