Quanta Services (NYSE:PWR) Shares Gap Up After Earnings Beat

Shares of Quanta Services, Inc. (NYSE:PWR) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $292.69, but opened at $320.21. Quanta Services shares last traded at $317.70, with a volume of 382,203 shares.

The construction company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The firm had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.88 billion. During the same period in the prior year, the company earned $1.41 EPS. The business’s quarterly revenue was up 23.9% compared to the same quarter last year.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd were issued a $0.10 dividend. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is 6.63%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Truist Financial reduced their target price on Quanta Services from $398.00 to $324.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Stifel Nicolaus cut their price target on shares of Quanta Services from $323.00 to $287.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. Roth Capital raised Quanta Services to a “strong-buy” rating in a report on Thursday, February 20th. Roth Mkm assumed coverage on Quanta Services in a research report on Friday, February 21st. They set a “buy” rating and a $350.00 target price for the company. Finally, Guggenheim initiated coverage on Quanta Services in a research report on Wednesday, January 8th. They issued a “neutral” rating on the stock. Six research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $330.80.

Institutional Trading of Quanta Services

Institutional investors have recently bought and sold shares of the business. Kestra Private Wealth Services LLC increased its holdings in Quanta Services by 85.0% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,752 shares of the construction company’s stock valued at $1,502,000 after purchasing an additional 2,184 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Quanta Services by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock worth $61,932,000 after buying an additional 11,012 shares during the period. Synovus Financial Corp increased its stake in shares of Quanta Services by 34.0% in the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after acquiring an additional 1,830 shares during the last quarter. Allstate Corp bought a new position in Quanta Services during the 4th quarter worth approximately $1,357,000. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in Quanta Services by 4.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,573 shares of the construction company’s stock valued at $5,554,000 after purchasing an additional 793 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Price Performance

The company’s 50 day simple moving average is $264.93 and its 200 day simple moving average is $300.35. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.30 and a quick ratio of 1.19. The stock has a market cap of $47.60 billion, a P/E ratio of 53.24, a P/E/G ratio of 1.41 and a beta of 1.04.

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.