Quanta Services (NYSE:PWR) Issues FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $8.15-8.65 for the period, compared to the consensus estimate of $8.34. The company issued revenue guidance of $22.5-23.0 billion, compared to the consensus revenue estimate of $22.51 billion.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PWR shares. Evercore ISI started coverage on shares of Quanta Services in a research report on Tuesday, February 13th. They issued an outperform rating and a $237.00 price target for the company. KeyCorp began coverage on Quanta Services in a research note on Wednesday, January 10th. They set a sector weight rating for the company. Citigroup boosted their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a buy rating in a report on Monday, April 22nd. Stifel Nicolaus boosted their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a buy rating in a research note on Friday, February 23rd. Finally, Truist Financial initiated coverage on shares of Quanta Services in a research note on Thursday, March 14th. They issued a buy rating and a $301.00 target price for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $255.85.

Quanta Services Price Performance

NYSE PWR traded up $1.33 during trading hours on Friday, hitting $256.33. 970,817 shares of the company’s stock traded hands, compared to its average volume of 893,668. The company has a market capitalization of $37.52 billion, a PE ratio of 49.68 and a beta of 1.10. The firm’s 50-day moving average is $250.69 and its 200-day moving average is $214.68. Quanta Services has a 52-week low of $153.74 and a 52-week high of $265.82. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.44.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.21. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The company had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the prior year, the business earned $1.54 EPS. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. Equities analysts forecast that Quanta Services will post 7.63 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Monday, April 8th. Quanta Services’s dividend payout ratio is presently 6.98%.

Insider Buying and Selling at Quanta Services

In related news, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Margaret B. Shannon sold 8,515 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $239.92, for a total transaction of $2,042,918.80. Following the sale, the director now owns 34,063 shares of the company’s stock, valued at $8,172,394.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the sale, the executive vice president now owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders have sold 47,125 shares of company stock valued at $11,270,215 over the last 90 days. 1.10% of the stock is owned by insiders.

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.