Daiwa Capital Markets Initiates Coverage on Quanta Services (NYSE:PWR)

Analysts at Daiwa Capital Markets began coverage on shares of Quanta Services (NYSE:PWR) in a research report issued on Friday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $355.00 price target on the construction company’s stock. Daiwa Capital Markets’ price objective suggests a potential upside of 6.78% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. TD Cowen raised their target price on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price for the company. Stifel Nicolaus increased their price target on Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Truist Financial lifted their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. began coverage on shares of Quanta Services in a research report on Monday, October 7th. They set a “neutral” rating and a $297.00 target price on the stock. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and an average target price of $316.81.

Quanta Services Stock Down 0.7 %

Shares of NYSE:PWR opened at $332.47 on Friday. The firm has a market capitalization of $49.08 billion, a PE ratio of 61.34 and a beta of 1.03. The business has a 50 day simple moving average of $319.67 and a two-hundred day simple moving average of $285.37. Quanta Services has a 1 year low of $187.27 and a 1 year high of $350.19. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the prior year, the company posted $2.08 EPS. Quanta Services’s quarterly revenue was up 15.5% on a year-over-year basis. On average, equities analysts predict that Quanta Services will post 7.9 EPS for the current year.

Hedge Funds Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Retirement Systems of Alabama increased its stake in Quanta Services by 1.1% during the 3rd quarter. Retirement Systems of Alabama now owns 32,655 shares of the construction company’s stock valued at $9,736,000 after purchasing an additional 363 shares in the last quarter. American Trust grew its holdings in shares of Quanta Services by 64.4% during the third quarter. American Trust now owns 1,384 shares of the construction company’s stock valued at $413,000 after buying an additional 542 shares during the last quarter. Old North State Trust LLC increased its position in shares of Quanta Services by 7.3% in the 3rd quarter. Old North State Trust LLC now owns 1,459 shares of the construction company’s stock valued at $435,000 after acquiring an additional 99 shares during the period. Synovus Financial Corp raised its stake in shares of Quanta Services by 34.0% in the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock worth $2,148,000 after purchasing an additional 1,830 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Quanta Services by 10.5% during the third quarter. Tidal Investments LLC now owns 18,779 shares of the construction company’s stock worth $5,597,000 after purchasing an additional 1,781 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

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.