Quanta Services (NYSE:PWR) Sets New 12-Month High on Analyst Upgrade

Quanta Services, Inc. (NYSE:PWR)’s stock price hit a new 52-week high on Monday after B. Riley raised their price target on the stock from $246.00 to $286.00. B. Riley currently has a buy rating on the stock. Quanta Services traded as high as $270.42 and last traded at $268.16, with a volume of 576463 shares changing hands. The stock had previously closed at $256.33.

A number of other equities research analysts have also issued reports on the company. DA Davidson increased their price target on Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. KeyCorp initiated coverage on Quanta Services in a report on Wednesday, January 10th. They set a “sector weight” rating on the stock. Truist Financial assumed coverage on shares of Quanta Services in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price on the stock. TD Cowen boosted their target price on Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a research report on Tuesday, February 27th. Finally, Stifel Nicolaus lifted 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. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $256.15.

Insiders Place Their Bets

In related news, Director Worthing Jackman sold 9,572 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Worthing Jackman sold 9,572 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donald Wayne sold 595 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $239.61, for a total transaction of $142,567.95. Following the completion of the transaction, the executive vice president now directly owns 41,954 shares of the company’s stock, valued at approximately $10,052,597.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,125 shares of company stock worth $11,270,215. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quanta Services

A number of institutional investors have recently added to or reduced their stakes in PWR. Csenge Advisory Group lifted its position in shares of Quanta Services by 24.1% during the first quarter. Csenge Advisory Group now owns 3,321 shares of the construction company’s stock valued at $863,000 after buying an additional 645 shares during the last quarter. Richardson Financial Services Inc. lifted its position in Quanta Services by 16.4% during the first quarter. Richardson Financial Services Inc. now owns 3,364 shares of the construction company’s stock valued at $874,000 after acquiring an additional 475 shares during the last quarter. Mediolanum International Funds Ltd acquired a new stake in Quanta Services in the first quarter valued at approximately $3,121,000. Coronation Fund Managers Ltd. increased its holdings in shares of Quanta Services by 17.6% during the first quarter. Coronation Fund Managers Ltd. now owns 26,999 shares of the construction company’s stock valued at $7,014,000 after acquiring an additional 4,047 shares in the last quarter. Finally, Wellington Shields Capital Management LLC boosted its position in Quanta Services by 0.4% in the first quarter. Wellington Shields Capital Management LLC now owns 18,599 shares of the construction company’s stock valued at $4,832,000 after buying an additional 65 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Up 4.6 %

The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. The business’s 50-day simple moving average is $250.69 and its 200-day simple moving average is $214.98. The company has a market capitalization of $39.25 billion, a PE ratio of 49.68 and a beta of 1.10.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping 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 business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the firm posted $1.54 EPS. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Quanta Services, Inc. will post 7.63 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 0.13%. The ex-dividend date of this dividend was Monday, April 8th. Quanta Services’s payout ratio is presently 6.98%.

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.