Quanta Services, Inc. (NYSE:PWR) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
Several other brokerages have also weighed in on PWR. Robert W. Baird reaffirmed a “hold” rating and issued a $39.00 target price on shares of Quanta Services in a research report on Friday, October 6th. Zacks Investment Research lowered Quanta Services from a “hold” rating to a “sell” rating in a research report on Monday. FBR & Co raised Quanta Services to an “outperform” rating and increased their target price for the stock from $40.00 to $45.00 in a research report on Wednesday, August 9th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 target price on shares of Quanta Services in a research report on Friday, August 4th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 target price on shares of Quanta Services in a research report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Quanta Services presently has an average rating of “Buy” and a consensus target price of $41.90.
Quanta Services (PWR) opened at 37.52 on Tuesday. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 21.33 and a beta of 0.83. The company has a 50-day moving average of $36.47 and a 200-day moving average of $34.46. Quanta Services has a 52-week low of $27.29 and a 52-week high of $38.82.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.03). Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business earned $0.18 earnings per share. Quanta Services’s quarterly revenue was up 22.8% on a year-over-year basis. Equities research analysts expect that Quanta Services will post $2.03 EPS for the current year.
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In other news, EVP Randall C. Wisenbaker sold 9,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total value of $316,350.00. Following the completion of the transaction, the executive vice president now owns 34,797 shares of the company’s stock, valued at $1,223,114.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Michal Conaway sold 4,000 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total value of $143,160.00. Following the completion of the transaction, the director now directly owns 17,152 shares of the company’s stock, valued at approximately $613,870.08. The disclosure for this sale can be found here. In the last three months, insiders sold 17,000 shares of company stock valued at $597,550. Company insiders own 0.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Cipher Capital LP grew its stake in shares of Quanta Services by 873.6% in the second quarter. Cipher Capital LP now owns 215,010 shares of the construction company’s stock worth $7,078,000 after purchasing an additional 192,926 shares in the last quarter. Rothschild Asset Management Inc. grew its stake in shares of Quanta Services by 22.9% in the second quarter. Rothschild Asset Management Inc. now owns 1,252,249 shares of the construction company’s stock worth $41,225,000 after purchasing an additional 233,008 shares in the last quarter. Morgan Stanley grew its stake in shares of Quanta Services by 245.9% in the first quarter. Morgan Stanley now owns 812,832 shares of the construction company’s stock worth $30,164,000 after purchasing an additional 577,842 shares in the last quarter. 1060 Capital LLC grew its stake in shares of Quanta Services by 94.7% in the second quarter. 1060 Capital LLC now owns 632,811 shares of the construction company’s stock worth $20,832,000 after purchasing an additional 307,811 shares in the last quarter. Finally, Osborne Partners Capital Management LLC grew its stake in shares of Quanta Services by 11.0% in the second quarter. Osborne Partners Capital Management LLC now owns 223,975 shares of the construction company’s stock worth $7,373,000 after purchasing an additional 22,230 shares in the last quarter. 88.53% of the stock is owned by institutional investors.
About Quanta Services
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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