The Goldman Sachs Group Issues Positive Forecast for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR) had its price objective hoisted by The Goldman Sachs Group from $364.00 to $414.00 in a research note released on Wednesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the construction company’s stock.

Other research analysts have also recently issued research reports about the stock. Truist Financial cut their price objective on shares of Quanta Services from $398.00 to $324.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Stifel Nicolaus upped their price target on shares of Quanta Services from $306.00 to $363.00 and gave the company a “buy” rating in a report on Monday, May 5th. TD Cowen raised their price objective on shares of Quanta Services from $335.00 to $355.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Roth Capital raised Quanta Services to a “strong-buy” rating in a research note on Thursday, February 20th. Finally, Roth Mkm assumed coverage on Quanta Services in a research note on Friday, February 21st. They set a “buy” rating and a $350.00 price target for the company. Six research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $347.35.

Quanta Services Stock Up 0.8%

Shares of PWR opened at $359.38 on Wednesday. The business’s 50 day simple moving average is $301.84 and its 200-day simple moving average is $304.01. Quanta Services has a 1 year low of $227.08 and a 1 year high of $365.88. 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 capitalization of $53.28 billion, a price-to-earnings ratio of 59.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.02.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.06. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. During the same quarter in the prior year, the firm earned $1.41 earnings per share. Quanta Services’s revenue was up 23.9% on a year-over-year basis. As a group, equities analysts expect that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services’s dividend payout ratio is presently 6.45%.

Hedge Funds Weigh In On Quanta Services

Large investors have recently bought and sold shares of the business. Brighton Jones LLC purchased a new stake in shares of Quanta Services during the 4th quarter worth $298,000. Union Bancaire Privee UBP SA bought a new stake in shares of Quanta Services in the 4th quarter valued at about $46,364,000. DAVENPORT & Co LLC boosted its holdings in shares of Quanta Services by 1.5% in the 4th quarter. DAVENPORT & Co LLC now owns 9,447 shares of the construction company’s stock valued at $2,986,000 after buying an additional 136 shares in the last quarter. Jennison Associates LLC grew its position in shares of Quanta Services by 0.4% in the 4th quarter. Jennison Associates LLC now owns 116,433 shares of the construction company’s stock worth $36,799,000 after buying an additional 485 shares during the last quarter. Finally, E. Ohman J or Asset Management AB raised its stake in shares of Quanta Services by 18.1% during the 4th quarter. E. Ohman J or Asset Management AB now owns 6,530 shares of the construction company’s stock worth $2,064,000 after acquiring an additional 1,000 shares in the last quarter. 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.