Quanta Services (NYSE:PWR) Price Target Raised to $394.00 at Citigroup

Quanta Services (NYSE:PWR) had its target price upped by Citigroup from $348.00 to $394.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other research analysts have also recently issued reports on the company. Northland Securities reiterated an “outperform” rating and issued a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Stifel Nicolaus raised their price objective on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. UBS Group upped their target price on shares of Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target for the company. Finally, Robert W. Baird raised their price objective on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $319.69.

Quanta Services Price Performance

Quanta Services stock opened at $321.79 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The business has a 50 day simple moving average of $320.15 and a 200-day simple moving average of $285.79. Quanta Services has a 12 month low of $187.27 and a 12 month high of $350.19. The stock has a market capitalization of $47.50 billion, a PE ratio of 59.37 and a beta of 1.03.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $2.08 EPS. Equities analysts predict that Quanta Services will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

Hedge Funds Weigh In On Quanta Services

Several institutional investors and hedge funds have recently modified their holdings of the company. Versor Investments LP purchased a new position in shares of Quanta Services during the 3rd quarter worth $406,000. Wealth Enhancement Advisory Services LLC lifted its position in Quanta Services by 5.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock worth $9,366,000 after buying an additional 1,981 shares during the period. Asio Capital LLC acquired a new stake in Quanta Services in the 3rd quarter worth about $2,715,000. Waverton Investment Management Ltd grew its holdings in Quanta Services by 6.5% in the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after buying an additional 2,557 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of Quanta Services by 4,701.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 153,559 shares of the construction company’s stock valued at $39,018,000 after acquiring an additional 150,361 shares during the last quarter. Hedge funds and other institutional investors own 90.49% of the company’s stock.

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.