Quanta Services (NYSE:PWR) Hits New 12-Month High on Analyst Upgrade

Quanta Services, Inc. (NYSE:PWR)’s stock price reached a new 52-week high during trading on Monday after B. Riley raised their price target on the stock from $246.00 to $286.00. B. Riley currently has a buy rating on the stock. Quanta Services traded as high as $270.42 and last traded at $268.16, with a volume of 576463 shares traded. The stock had previously closed at $256.33.

Several other analysts have also commented on the stock. Robert W. Baird raised their price objective on shares of Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a report on Friday. DA Davidson increased their price objective on Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Citigroup boosted their target price on shares of Quanta Services from $275.00 to $285.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Truist Financial assumed coverage on shares of Quanta Services in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 price target for the company. Finally, KeyCorp initiated coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $256.15.

Insider Activity

In related news, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now directly owns 40,065 shares in the company, valued at approximately $10,494,626.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction on 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 directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,125 shares of company stock worth $11,270,215. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

A number of hedge funds have recently added to or reduced their stakes in PWR. Brown Advisory Inc. raised its stake in Quanta Services by 0.6% during the 3rd quarter. Brown Advisory Inc. now owns 42,844 shares of the construction company’s stock valued at $8,015,000 after buying an additional 265 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Quanta Services by 12.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,884 shares of the construction company’s stock valued at $10,080,000 after acquiring an additional 5,984 shares during the period. Mackenzie Financial Corp grew its position in shares of Quanta Services by 3.9% during the 3rd quarter. Mackenzie Financial Corp now owns 11,500 shares of the construction company’s stock valued at $2,151,000 after acquiring an additional 434 shares during the period. Strs Ohio grew its position in shares of Quanta Services by 4.6% during the 3rd quarter. Strs Ohio now owns 9,266 shares of the construction company’s stock valued at $1,733,000 after acquiring an additional 409 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Quanta Services by 9.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 788,096 shares of the construction company’s stock valued at $147,429,000 after acquiring an additional 70,759 shares during the period. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

The business’s 50-day moving average price is $251.36 and its 200-day moving average price is $215.69. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. The stock has a market cap of $39.44 billion, a P/E ratio of 52.22 and a beta of 1.10.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The company’s revenue for the quarter was up 31.0% compared to the same quarter last year. As a group, sell-side analysts expect that Quanta Services, Inc. will post 7.63 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

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

Quanta Services Company Profile

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.