Quanta Services (NYSE:PWR) Price Target Raised to $472.00 at Truist Financial

Quanta Services (NYSE:PWR) had its price objective hoisted by Truist Financial from $375.00 to $472.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other research analysts have also issued reports on the company. Roth Capital reissued a “buy” rating and issued a $450.00 target price (up previously from $350.00) on shares of Quanta Services in a report on Tuesday, July 29th. Citigroup lifted their price objective on Quanta Services from $432.00 to $492.00 and gave the company a “buy” rating in a report on Monday, July 28th. DA Davidson lifted their price objective on Quanta Services from $305.00 to $395.00 and gave the company a “neutral” rating in a report on Friday. Sanford C. Bernstein lowered Quanta Services from an “outperform” rating to a “market perform” rating and set a $410.00 price objective on the stock. in a report on Monday, July 28th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. Eleven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and an average target price of $387.00.

Quanta Services Trading Down 0.5%

NYSE:PWR opened at $393.19 on Monday. The firm has a market cap of $58.30 billion, a P/E ratio of 60.87, a PEG ratio of 2.71 and a beta of 1.10. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The stock’s 50 day simple moving average is $376.54 and its 200-day simple moving average is $319.21. Quanta Services has a 12-month low of $227.08 and a 12-month high of $424.94.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.90 earnings per share. Equities analysts anticipate that Quanta Services will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services’s payout ratio is currently 6.19%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Old Port Advisors raised its holdings in Quanta Services by 0.7% in the 2nd quarter. Old Port Advisors now owns 3,944 shares of the construction company’s stock valued at $1,491,000 after acquiring an additional 26 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Quanta Services by 1.2% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 2,250 shares of the construction company’s stock valued at $851,000 after acquiring an additional 26 shares during the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in Quanta Services by 3.5% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company’s stock valued at $242,000 after acquiring an additional 32 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in Quanta Services by 1.1% in the 1st quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company’s stock valued at $792,000 after acquiring an additional 34 shares during the last quarter. Finally, Eastern Bank raised its holdings in Quanta Services by 23.5% in the 2nd quarter. Eastern Bank now owns 184 shares of the construction company’s stock valued at $70,000 after acquiring an additional 35 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

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.