Quanta Services (NYSE:PWR) Announces Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Quanta Services (NYSE:PWR – Get Rating) announced its quarterly earnings data on Thursday. The construction company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.16, Briefing.com reports. Quanta Services had a return on equity of 15.97% and a net margin of 2.92%. The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Quanta Services’s revenue was up 41.1% compared to the same quarter last year. Quanta Services updated its FY22 guidance to $6.10-6.44 EPS and its FY 2022 guidance to $6.10-$6.44 EPS.

Quanta Services Price Performance

PWR stock traded up $3.50 during trading on Friday, hitting $136.91. The stock had a trading volume of 1,287,213 shares, compared to its average volume of 1,183,450. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.56 and a quick ratio of 1.48. Quanta Services has a twelve month low of $90.09 and a twelve month high of $146.84. The stock has a market capitalization of $19.68 billion, a P/E ratio of 44.45 and a beta of 1.10. The company’s 50-day moving average price is $128.11 and its two-hundred day moving average price is $120.39.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Friday, July 1st were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend was Thursday, June 30th. Quanta Services’s dividend payout ratio (DPR) is presently 9.09%.

Insider Buying and Selling

In other news, CEO Earl C. Jr. Austin sold 135,000 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $126.48, for a total transaction of $17,074,800.00. Following the transaction, the chief executive officer now directly owns 689,030 shares in the company, valued at approximately $87,148,514.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Quanta Services news, Director Vincent D. Foster sold 14,948 shares of the business’s stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total value of $1,778,961.48. Following the sale, the director now owns 204,925 shares of the company’s stock, valued at $24,388,124.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $126.48, for a total value of $17,074,800.00. Following the completion of the sale, the chief executive officer now directly owns 689,030 shares in the company, valued at approximately $87,148,514.40. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Quanta Services

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Quanta Services by 17.0% during the first quarter. The Manufacturers Life Insurance Company now owns 366,107 shares of the construction company’s stock worth $48,183,000 after acquiring an additional 53,213 shares during the period. Toroso Investments LLC grew its stake in shares of Quanta Services by 8.1% during the first quarter. Toroso Investments LLC now owns 2,589 shares of the construction company’s stock worth $341,000 after purchasing an additional 193 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in Quanta Services by 111.8% in the first quarter. BNP Paribas Arbitrage SA now owns 149,708 shares of the construction company’s stock valued at $19,703,000 after acquiring an additional 79,024 shares in the last quarter. Continuum Advisory LLC acquired a new position in Quanta Services in the first quarter valued at $243,000. Finally, Cim Investment Management Inc. acquired a new position in Quanta Services in the first quarter valued at $294,000. Hedge funds and other institutional investors own 87.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PWR. Citigroup increased their price objective on Quanta Services from $145.00 to $152.00 in a research note on Friday, July 22nd. Cowen increased their price objective on Quanta Services from $130.00 to $145.00 in a research note on Thursday, May 26th. Robert W. Baird increased their target price on Quanta Services from $136.00 to $147.00 and gave the company an “outperform” rating in a research report on Friday. B. Riley increased their target price on Quanta Services from $129.00 to $138.00 in a research report on Friday, May 6th. Finally, Credit Suisse Group set a $157.00 target price on Quanta Services in a research report on Tuesday, July 19th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and a consensus price target of $144.31.

About Quanta Services

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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.