Quanta Services, Inc. (NYSE:PWR) Forecasted to Earn Q2 2024 Earnings of $1.23 Per Share

Quanta Services, Inc. (NYSE:PWR) – DA Davidson issued their Q2 2024 earnings estimates for Quanta Services in a research report issued on Tuesday, May 7th. DA Davidson analyst B. Thielman anticipates that the construction company will post earnings of $1.23 per share for the quarter. DA Davidson has a “Neutral” rating and a $250.00 price objective on the stock. The consensus estimate for Quanta Services’ current full-year earnings is $7.63 per share. DA Davidson also issued estimates for Quanta Services’ FY2024 earnings at $7.62 EPS.

Several other brokerages also recently weighed in on PWR. The Goldman Sachs Group upped their target price on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Truist Financial restated a “buy” rating and issued a $305.00 target price (up from $301.00) on shares of Quanta Services in a research note on Monday. Robert W. Baird upped their target price on shares of Quanta Services from $265.00 to $287.00 and gave the company an “outperform” rating in a research note on Friday, May 3rd. KeyCorp started coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Finally, Citigroup upped their price target 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. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and an average price target of $262.00.

Quanta Services Price Performance

Shares of PWR stock opened at $264.86 on Thursday. The company has a market capitalization of $38.77 billion, a PE ratio of 51.33 and a beta of 1.10. The firm has a fifty day simple moving average of $252.43 and a 200-day simple moving average of $216.74. 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 twelve month low of $153.74 and a twelve month high of $271.96.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.21. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 earnings per share.

Institutional Trading of Quanta Services

A number of large investors have recently modified their holdings of PWR. Truist Financial Corp grew its position in Quanta Services by 2.2% in the 4th quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after buying an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC grew its position in Quanta Services by 24.5% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock valued at $356,000 after buying an additional 325 shares in the last quarter. Gradient Investments LLC grew its position in Quanta Services by 669,187.5% in the 4th quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock valued at $11,555,000 after buying an additional 53,535 shares in the last quarter. Saxon Interests Inc. bought a new position in Quanta Services in the 4th quarter valued at about $1,352,000. Finally, Nordea Investment Management AB grew its position in 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 buying an additional 901,548 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Insiders Place Their Bets

In other Quanta Services news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the sale, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Quanta Services news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the sale, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction dated Tuesday, February 27th. The stock was 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 47,125 shares of company stock valued at $11,270,215. Company insiders own 1.10% of the company’s stock.

Quanta Services Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is 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.