Quanta Services (NYSE:PWR) Shares Gap Up After Analyst Upgrade

Quanta Services, Inc. (NYSE:PWR)’s stock price gapped up before the market opened on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $297.00 to $323.00. The stock had previously closed at $292.43, but opened at $311.42. JPMorgan Chase & Co. currently has a neutral rating on the stock. Quanta Services shares last traded at $296.67, with a volume of 476,957 shares trading hands.

A number of other research firms have also issued reports on PWR. Stifel Nicolaus increased their price target on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. UBS Group lifted their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Daiwa America raised shares of Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Citigroup lifted their price objective on Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial dropped their target price on Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $331.41.

Institutional Trading of Quanta Services

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

Quanta Services Price Performance

The company has a market cap of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. 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 stock has a 50-day simple moving average of $330.55 and a 200 day simple moving average of $300.60.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping 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 firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the company earned $2.08 earnings per share. The business’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts expect that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, January 2nd. Quanta Services’s payout ratio is presently 7.38%.

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.