Quanta Services (NYSE:PWR) Earns Buy Rating from Truist Financial

Truist Financial reaffirmed their buy rating on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Monday, Benzinga reports. They currently have a $305.00 price objective on the construction company’s stock, up from their prior price objective of $301.00.

Several other equities analysts also recently commented on the stock. DA Davidson upped their price target on shares of Quanta Services from $190.00 to $225.00 and gave the company a neutral rating in a research note on Wednesday, February 28th. The Goldman Sachs Group upped their price target 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. 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 research note on Monday, April 22nd. TD Cowen upped their price target on shares of Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Finally, Evercore ISI assumed coverage on shares of Quanta Services in a research report on Tuesday, February 13th. They set an outperform rating and a $237.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $262.00.

Quanta Services Price Performance

Shares of PWR opened at $264.86 on Monday. The company has a market cap of $38.77 billion, a price-to-earnings ratio of 51.33 and a beta of 1.10. Quanta Services has a 1-year low of $153.74 and a 1-year high of $271.96. The company’s fifty day simple moving average is $252.43 and its 200 day simple moving average is $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 (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $5.19 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The company’s quarterly revenue was up 31.0% on a year-over-year basis. On average, research analysts forecast that Quanta Services 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. Shareholders of record on Tuesday, April 9th were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Monday, April 8th. Quanta Services’s dividend payout ratio is presently 6.98%.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Donald Wayne sold 1,101 shares of the firm’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 transaction of $288,395.94. Following the completion of the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Derrick A. Jensen sold 18,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 263,725 shares of the company’s stock, valued at approximately $62,476,452.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,125 shares of company stock valued at $11,270,215. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Quanta Services

A number of large investors have recently modified their holdings of the company. Private Ocean LLC bought a new position in Quanta Services during the 1st quarter valued at $26,000. Salomon & Ludwin LLC bought a new position in Quanta Services during the 1st quarter valued at $26,000. Grove Bank & Trust lifted its stake in Quanta Services by 75.6% during the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after acquiring an additional 68 shares in the last quarter. Hazlett Burt & Watson Inc. lifted its stake in Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Quanta Services during the 4th quarter valued at $34,000. 90.49% of the stock is currently owned by institutional investors.

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.