Truist Financial Forecasts Strong Price Appreciation for Quanta Services (NYSE:PWR) Stock

Quanta Services (NYSE:PWR) had its target price hoisted by investment analysts at Truist Financial from $358.00 to $399.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Truist Financial’s target price points to a potential upside of 21.49% from the company’s current price.

A number of other equities research analysts also recently issued reports on PWR. Jefferies Financial Group initiated coverage on Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Wolfe Research began coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price for the company. TD Cowen increased their price target 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. Daiwa America raised shares of Quanta Services to a “strong-buy” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. started coverage on Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price on the stock. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and an average price target of $324.25.

Quanta Services Price Performance

NYSE PWR opened at $328.41 on Thursday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company has a market capitalization of $48.48 billion, a price-to-earnings ratio of 60.59 and a beta of 1.03. The stock has a 50-day moving average of $324.92 and a 200 day moving average of $288.95. Quanta Services has a one year low of $187.27 and a one year high of $350.19.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share 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 during the quarter, compared to analysts’ expectations of $6.56 billion. During the same period in the previous year, the company earned $2.08 earnings per share. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts forecast that Quanta Services will post 7.9 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PWR. Resurgent Financial Advisors LLC lifted its stake in shares of Quanta Services by 0.7% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company’s stock valued at $1,423,000 after purchasing an additional 33 shares during the last quarter. Tower Wealth Partners Inc. raised its holdings in Quanta Services by 3.1% during the 3rd quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after buying an additional 34 shares during the period. Huntington National Bank lifted its position in Quanta Services by 2.9% in the third quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock worth $370,000 after buying an additional 35 shares during the last quarter. Terra Nova Asset Management LLC boosted its stake in Quanta Services by 0.3% during the third quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after buying an additional 38 shares during the period. Finally, Greenleaf Trust increased its position in Quanta Services by 1.2% during the third quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock valued at $940,000 after acquiring an additional 38 shares during 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.