Quanta Services Inc. (NYSE:PWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $31.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 11.11% from the stock’s previous close.
According to Zacks, “Quanta Services’ core transmission and distribution operations continue to perform well. The company remains confident about a rebound in its end markets in coming quarters, on the back of solid growth drivers like an aging grid, shifting generation mix and implementation of clean energy initiatives. Also, its top line should benefit from the expected mobilization of a number of large diameter pipeline projects. The company’s strong presence in the mainline pipe markets and record backlog levels are also likely to aid its profitability in the coming quarters. However, Quanta Services has a choppy earnings beat history, having missed estimates twice for as many beats over the four trailing quarters. The company’s financials have been hurt due to declining volume in Electric segment, a challenging Canadian economy and persistent adverse weather conditions over the past few quarters.”
PWR has been the topic of a number of other reports. Deutsche Bank AG reissued a “buy” rating on shares of Quanta Services in a research note on Saturday, August 6th. Stifel Nicolaus raised Quanta Services from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Friday, August 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $26.00 price objective on shares of Quanta Services in a research report on Monday, August 8th. Finally, Citigroup Inc. dropped their price objective on Quanta Services from $27.00 to $26.00 and set a “neutral” rating on the stock in a research report on Friday, August 5th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Quanta Services has an average rating of “Buy” and an average price target of $27.05.
Quanta Services (NYSE:PWR) traded up 1.380% on Wednesday, reaching $28.285. The company’s stock had a trading volume of 649,675 shares. The stock has a 50-day moving average of $26.08 and a 200-day moving average of $24.25. The stock has a market cap of $4.27 billion, a P/E ratio of 19.111 and a beta of 0.69. Quanta Services has a one year low of $16.77 and a one year high of $28.50.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 4th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by $0.18. Quanta Services had a return on equity of 4.68% and a net margin of 3.38%. The company earned $1.15 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the company posted $0.24 earnings per share. The company’s revenue was down 4.4% on a year-over-year basis. On average, analysts predict that Quanta Services will post $1.55 EPS for the current fiscal year.
In other news, EVP Randall C. Wisenbaker sold 5,121 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $26.36, for a total value of $134,989.56. Following the transaction, the executive vice president now owns 40,193 shares of the company’s stock, valued at $1,059,487.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its position in Quanta Services by 481.7% in the first quarter. JPMorgan Chase & Co. now owns 8,497,996 shares of the company’s stock valued at $191,716,000 after buying an additional 10,724,375 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in shares of Quanta Services during the first quarter valued at about $99,285,000. AJO LP increased its stake in shares of Quanta Services by 680.9% in the second quarter. AJO LP now owns 4,663,530 shares of the company’s stock valued at $107,821,000 after buying an additional 4,066,356 shares during the period. Bank of Montreal Can acquired a new stake in shares of Quanta Services during the second quarter valued at about $38,831,000. Finally, Norges Bank acquired a new stake in shares of Quanta Services during the fourth quarter valued at about $31,259,000. 87.80% of the stock is currently owned by hedge funds and other 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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