Quanta Services (NYSE:PWR) Shares Gap Up After Earnings Beat

Shares of Quanta Services, Inc. (NYSE:PWR) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $292.07, but opened at $307.58. Quanta Services shares last traded at $288.63, with a volume of 861,290 shares trading hands.

The construction company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.12. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on PWR shares. BMO Capital Markets started coverage on shares of Quanta Services in a report on Monday, February 3rd. They set an “outperform” rating and a $338.00 price objective for the company. Northland Securities reaffirmed an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. JPMorgan Chase & Co. increased their price target on shares of Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Guggenheim began coverage on shares of Quanta Services in a research note on Wednesday, January 8th. They set a “neutral” rating on the stock. Finally, Truist Financial decreased their price target on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $330.50.

Hedge Funds Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently made changes to their positions in PWR. Banque Transatlantique SA bought a new position in shares of Quanta Services during the fourth quarter worth $25,000. Webster Bank N. A. boosted its position in shares of Quanta Services by 4,050.0% during the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock worth $26,000 after purchasing an additional 81 shares in the last quarter. Quarry LP bought a new position in shares of Quanta Services during the fourth quarter worth $26,000. Sierra Ocean LLC bought a new position in shares of Quanta Services during the fourth quarter worth $27,000. Finally, Prestige Wealth Management Group LLC bought a new position in shares of Quanta Services during the third quarter worth $30,000. 90.49% of the stock is owned by institutional investors.

Quanta Services Trading Down 3.8 %

The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The business’s fifty day moving average is $317.38 and its 200 day moving average is $304.97. The firm has a market capitalization of $41.46 billion, a price-to-earnings ratio of 51.82, a price-to-earnings-growth ratio of 1.44 and a beta of 1.05.

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.