The Goldman Sachs Group Upgrades Quanta Services (NYSE:PWR) to “Buy”

Quanta Services (NYSE:PWR) was upgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a note issued to investors on Wednesday, Marketbeat.com reports. The brokerage presently has a $211.00 price target on the construction company’s stock, down from their prior price target of $214.00. The Goldman Sachs Group’s price objective suggests a potential upside of 24.48% from the company’s current price.

PWR has been the topic of several other research reports. StockNews.com began coverage on Quanta Services in a research report on Thursday, October 5th. They set a “hold” rating on the stock. Robert W. Baird reissued an “outperform” rating and issued a $219.00 target price on shares of Quanta Services in a report on Thursday, September 14th. Northland Securities upped their price objective on Quanta Services from $190.00 to $210.00 in a report on Friday, August 4th. Credit Suisse Group upped their price objective on Quanta Services from $201.00 to $238.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Finally, Argus boosted their target price on Quanta Services from $234.00 to $248.00 and gave the stock a “buy” rating in a research report on Wednesday, September 6th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $208.91.

Quanta Services Price Performance

PWR stock opened at $169.50 on Wednesday. The business has a 50 day moving average price of $182.32 and a 200 day moving average price of $186.58. The stock has a market cap of $24.63 billion, a price-to-earnings ratio of 43.24 and a beta of 1.11. Quanta Services has a fifty-two week low of $134.61 and a fifty-two week high of $212.82. The company has a quick ratio of 1.57, a current ratio of 1.61 and a debt-to-equity ratio of 0.66.

Insider Activity

In related news, EVP Donald Wayne sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $210.92, for a total transaction of $1,054,600.00. Following the sale, the executive vice president now owns 41,323 shares of the company’s stock, valued at $8,715,847.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its position in Quanta Services by 79.1% during the 1st quarter. Panagora Asset Management Inc. now owns 11,464 shares of the construction company’s stock worth $1,509,000 after purchasing an additional 5,063 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Quanta Services by 6.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 19,067 shares of the construction company’s stock valued at $2,509,000 after purchasing an additional 1,181 shares during the period. Great West Life Assurance Co. Can grew its holdings in Quanta Services by 2.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 26,648 shares of the construction company’s stock valued at $3,655,000 after buying an additional 668 shares during the last quarter. Raymond James Trust N.A. grew its holdings in Quanta Services by 8.3% in the 1st quarter. Raymond James Trust N.A. now owns 4,949 shares of the construction company’s stock valued at $652,000 after buying an additional 379 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in Quanta Services by 21.7% in the 1st quarter. Blair William & Co. IL now owns 16,156 shares of the construction company’s stock valued at $2,126,000 after buying an additional 2,884 shares during the last quarter. Institutional investors and hedge funds own 87.86% 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 worldwide. 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.