Quanta Services’ (PWR) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial reissued their buy rating on shares of Quanta Services (NYSE:PWR) in a report issued on Monday, Benzinga reports. The brokerage currently has a $305.00 price objective on the construction company’s stock, up from their previous price objective of $301.00.

Other equities research analysts have also recently issued research reports about the company. KeyCorp initiated coverage on Quanta Services in a research note on Wednesday, January 10th. They issued a sector weight rating on the stock. TD Cowen raised their target price on shares of Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a research report on Tuesday, February 27th. The Goldman Sachs Group boosted their price target on shares of Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a research report on Monday, February 26th. Citigroup raised their price objective on Quanta Services from $275.00 to $285.00 and gave the company a buy rating in a report on Monday, April 22nd. Finally, Stifel Nicolaus upped their target price on Quanta Services from $237.00 to $252.00 and gave the stock a buy rating in a report on Friday, February 23rd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $256.15.

Quanta Services Stock Performance

Shares of NYSE:PWR opened at $270.35 on Monday. The stock has a market capitalization of $39.58 billion, a P/E ratio of 52.22 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. Quanta Services has a 1-year low of $153.74 and a 1-year high of $271.27. The business has a 50-day moving average price of $251.36 and a two-hundred day moving average price of $215.69.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the firm posted $1.54 earnings per share. The business’s revenue was up 31.0% on a year-over-year basis. Equities analysts predict that Quanta Services will post 7.63 earnings per share for the current year.

Quanta Services Announces Dividend

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

Insider Buying and Selling at Quanta Services

In related news, EVP Derrick A. Jensen sold 18,500 shares of Quanta Services stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares of the company’s stock, valued at approximately $62,476,452.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Worthing Jackman sold 9,572 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the transaction, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock worth $11,270,215 over the last ninety days. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PWR. Truist Financial Corp grew its stake in Quanta Services by 2.2% during the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after buying an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC raised its position in Quanta Services by 24.5% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock valued at $356,000 after purchasing an additional 325 shares in the last quarter. Gradient Investments LLC lifted its stake in Quanta Services by 669,187.5% during the fourth quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock worth $11,555,000 after purchasing an additional 53,535 shares during the last quarter. Saxon Interests Inc. acquired a new stake in shares of Quanta Services in the 4th quarter valued at $1,352,000. Finally, Nordea Investment Management AB increased its stake in shares of Quanta Services by 8,297.7% in the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock valued at $196,205,000 after purchasing an additional 901,548 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

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.