Quanta Services (NYSE:PWR) Upgraded at Zacks Research

Quanta Services (NYSE:PWR) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday, Zacks reports.

A number of other equities research analysts have also recently commented on PWR. Mizuho set a $684.00 price target on Quanta Services in a report on Wednesday, October 7th. Weiss Ratings raised Quanta Services from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, October 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $862.00 target price on shares of Quanta Services in a research report on Monday, October 5th. Argus set a $800.00 target price on Quanta Services in a research note on Wednesday, August 5th. Finally, Raymond James Financial set a $830.00 price target on Quanta Services in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $763.81.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $580.59 on Tuesday. The firm has a fifty day moving average price of $632.70 and a 200-day moving average price of $625.80. 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 $87.48 billion, a PE ratio of 52.59, a price-to-earnings-growth ratio of 1.68 and a beta of 1.29. Quanta Services has a 1 year low of $408.36 and a 1 year high of $788.75.

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

Hedge Funds Weigh In On Quanta Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Quanta Services by 4.7% during the second quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock valued at $4,739,164,000 after acquiring an additional 296,893 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Quanta Services by 3,657.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 221,485 shares of the construction company’s stock worth $121,600,000 after purchasing an additional 215,591 shares in the last quarter. Corient Private Wealth LP grew its stake in Quanta Services by 731.3% in the second quarter. Corient Private Wealth LP now owns 210,091 shares of the construction company’s stock worth $151,273,000 after purchasing an additional 184,819 shares in the last quarter. Bank of America Corp DE increased its holdings in Quanta Services by 5.4% during the 1st quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock worth $1,891,215,000 after purchasing an additional 175,184 shares during the period. Finally, First Trust Advisors LP increased its holdings in Quanta Services by 18.3% during the 1st 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. 90.49% of the stock is owned by institutional investors.

About Quanta Services

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.