Bank of America Initiates Coverage on Quanta Services (NYSE:PWR)

Analysts at Bank of America assumed coverage on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Friday, MarketBeat reports. The firm set a “buy” rating and a $407.00 price target on the construction company’s stock. Bank of America‘s price objective would indicate a potential upside of 13.83% from the stock’s current price.

Other research analysts have also issued research reports about the company. TD Cowen lifted 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. Robert W. Baird upped their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Daiwa America upgraded shares of Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Stifel Nicolaus upped their price target on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Guggenheim assumed coverage on Quanta Services in a research report on Wednesday, January 8th. They set a “neutral” rating for the company. Four research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.88.

Quanta Services Price Performance

PWR opened at $357.55 on Friday. The company has a market capitalization of $52.78 billion, a price-to-earnings ratio of 65.97 and a beta of 1.06. 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 firm has a 50-day moving average price of $332.01 and a 200-day moving average price of $299.93. Quanta Services has a twelve month low of $193.50 and a twelve month high of $365.88.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the previous year, the firm posted $2.08 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts expect that Quanta Services will post 7.9 EPS for the current year.

Hedge Funds Weigh In On Quanta Services

Institutional investors and hedge funds have recently made changes to their positions in the business. Versor Investments LP purchased a new stake in Quanta Services during the third quarter valued at about $406,000. Principal Financial Group Inc. boosted its holdings in Quanta Services by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after acquiring an additional 11,012 shares during the period. Asio Capital LLC bought a new position in Quanta Services during the 3rd quarter worth approximately $2,715,000. Waverton Investment Management Ltd increased its stake in Quanta Services by 6.5% in the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock worth $12,509,000 after purchasing an additional 2,557 shares during the period. Finally, Synovus Financial Corp lifted its position in Quanta Services by 34.0% in the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after purchasing an additional 1,830 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

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.