Quanta Services (NYSE:PWR) Stock Gets Price Target Cut from Oppenheimer

Quanta Services (NYSE:PWR) had its price target lowered by Oppenheimer from $835.00 to $800.00 in a report released on Monday morning,Benzinga reports. The firm currently has an outperform rating on the construction company’s stock.

PWR has been the subject of a number of other reports. Truist Financial raised their price objective on Quanta Services from $945.00 to $960.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. Citigroup lifted their target price on Quanta Services from $871.00 to $882.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. TD Cowen boosted their target price on Quanta Services from $785.00 to $830.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Jefferies Financial Group restated a “buy” rating and issued a $833.00 price target on shares of Quanta Services in a research note on Thursday, August 13th. Finally, Sanford C. Bernstein raised Quanta Services from a “market perform” rating to an “outperform” rating and raised their price target for the company from $748.00 to $775.00 in a report on Thursday, September 24th. Twenty-three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $763.81.

Quanta Services Trading Down 11.6%

NYSE PWR opened at $580.59 on Monday. Quanta Services has a 12 month low of $408.36 and a 12 month high of $788.75. The company has a current ratio of 1.16, a quick ratio of 1.13 and a debt-to-equity ratio of 0.60. The stock has a 50 day moving average of $632.70 and a 200-day moving average of $625.80. The company has a market cap of $87.48 billion, a PE ratio of 52.59, a PEG ratio of 1.68 and a beta of 1.29.

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

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Thursday, October 1st. Quanta Services’s dividend payout ratio is presently 3.99%.

Institutional Investors Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently made changes to their positions in PWR. State Street Corp raised its position in shares of Quanta Services by 4.7% in the 2nd quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after acquiring an additional 296,893 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Quanta Services by 5.4% in the 1st quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock valued at $1,891,215,000 after purchasing an additional 175,184 shares during the period. Royal Bank of Canada boosted its position in shares of Quanta Services by 7.1% during the 1st quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after purchasing an additional 83,363 shares in the last quarter. First Trust Advisors LP grew its stake in Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock worth $551,170,000 after purchasing an additional 155,529 shares during the period. Finally, Amundi grew its stake in Quanta Services by 10.3% during the first quarter. Amundi now owns 580,718 shares of the construction company’s stock worth $318,826,000 after purchasing an additional 54,237 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Company Profile

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.