Citigroup Has Lowered Expectations for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR) had its price objective cut by investment analysts at Citigroup from $394.00 to $371.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price target points to a potential upside of 19.86% from the company’s current price.

A number of other research analysts have also recently commented on PWR. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. TD Cowen raised their target price on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Stifel Nicolaus lifted their target price on Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. UBS Group increased their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird lifted their price objective on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and an average price target of $330.06.

Quanta Services Stock Performance

NYSE:PWR opened at $309.52 on Wednesday. Quanta Services has a 1-year low of $193.52 and a 1-year high of $365.88. The firm has a market capitalization of $45.69 billion, a price-to-earnings ratio of 57.11 and a beta of 1.06. The company’s 50-day moving average is $329.27 and its two-hundred day moving average is $300.65. 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 posted its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. Quanta Services’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.08 earnings per share. Analysts forecast that Quanta Services will post 7.9 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PWR. Webster Bank N. A. boosted its stake in Quanta Services by 4,050.0% in the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Prestige Wealth Management Group LLC acquired a new stake in shares of Quanta Services in the 3rd quarter valued at about $30,000. Legacy Investment Solutions LLC acquired a new position in Quanta Services during the third quarter worth approximately $31,000. Sound Income Strategies LLC lifted its stake in Quanta Services by 700.0% in the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock valued at $33,000 after buying an additional 91 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Quanta Services by 62.5% in the fourth quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after acquiring an additional 45 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.