Quanta Services (NYSE:PWR) Stock Price Down 10% – Here’s Why

Quanta Services, Inc. (NYSE:PWR)’s share price was down 10% during mid-day trading on Wednesday. The stock traded as low as $580.55 and last traded at $591.0550. 484,492 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 1,142,556 shares. The stock had previously closed at $657.00.

Wall Street Analyst Weigh In

PWR has been the topic of a number of recent research reports. Piper Sandler cut their price objective on shares of Quanta Services from $731.00 to $714.00 and set an “overweight” rating on the stock in a report on Monday, September 28th. Mizuho set a $684.00 target price on shares of Quanta Services in a report on Wednesday, October 7th. BTIG Research cut Quanta Services to a “hold” rating in a research report on Friday, July 31st. TD Cowen upped their price target on Quanta Services from $785.00 to $830.00 and gave the stock a “buy” rating in a research note on Thursday, October 29th. Finally, UBS Group reaffirmed a “buy” rating on shares of Quanta Services in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average price target of $763.81.

Quanta Services Trading Up 8.0%

The firm’s 50 day moving average price is $630.46 and its 200-day moving average price is $626.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. The stock has a market cap of $82.85 billion, a P/E ratio of 49.87, a P/E/G ratio of 1.48 and a beta of 1.29.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.02 by $1.04. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The business had revenue of $12.01 billion for the quarter, compared to analysts’ expectations of $11.03 billion. During the same quarter in the prior year, the business earned $3.33 EPS. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, equities research analysts forecast that Quanta Services, Inc. will post 16.61 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were issued a $0.11 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is presently 3.99%.

Institutional Trading of Quanta Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bartlett & CO. Wealth Management LLC lifted its holdings in Quanta Services by 2.6% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 513 shares of the construction company’s stock valued at $282,000 after purchasing an additional 13 shares in the last quarter. Pincus Capital Management LP increased its stake in shares of Quanta Services by 0.4% during the first quarter. Pincus Capital Management LP now owns 3,690 shares of the construction company’s stock worth $2,026,000 after purchasing an additional 15 shares in the last quarter. SouthState Bank Corp increased its stake in shares of Quanta Services by 23.5% during the first quarter. SouthState Bank Corp now owns 84 shares of the construction company’s stock worth $46,000 after purchasing an additional 16 shares in the last quarter. Stiles Financial Services Inc increased its stake in shares of Quanta Services by 1.8% during the first quarter. Stiles Financial Services Inc now owns 987 shares of the construction company’s stock worth $542,000 after purchasing an additional 17 shares in the last quarter. Finally, Brighton Jones LLC raised its position in shares of Quanta Services by 0.7% during the 3rd quarter. Brighton Jones LLC now owns 2,515 shares of the construction company’s stock worth $1,616,000 after purchasing an additional 18 shares during the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

About Quanta Services

Quanta Services, Inc provides specialized contracting and infrastructure services to the electric power, energy and communications industries. Its work spans the planning, design, construction, repair and maintenance of essential infrastructure.

The company’s services include electric transmission and distribution lines, substations, renewable energy facilities, natural gas and pipeline systems, and communications networks. Quanta supports projects across the infrastructure lifecycle, from initial development and construction to ongoing upgrades and maintenance.

Founded in 1997, Quanta serves customers primarily in North America, with operations also extending to Australia and other international markets.