Quanta Services (NYSE:PWR) Downgraded by Daiwa Capital Markets to “Neutral”

Daiwa Capital Markets cut shares of Quanta Services (NYSE:PWR) from an outperform rating to a neutral rating in a research note released on Monday, MarketBeat reports.

PWR has been the topic of a number of other reports. Bank of America initiated coverage on Quanta Services in a research note on Friday, January 24th. They issued a “buy” rating and a $407.00 price target on the stock. Truist Financial decreased their price target on Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Northland Securities restated an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Citigroup decreased their price target on Quanta Services from $394.00 to $371.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. lifted their price target on Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $326.95.

Quanta Services Trading Up 1.7 %

Shares of PWR stock opened at $268.86 on Monday. The business’s 50 day moving average is $311.89 and its two-hundred day moving average is $305.73. Quanta Services has a twelve month low of $227.11 and a twelve month high of $365.88. The company has a market capitalization of $39.84 billion, a P/E ratio of 44.59, a price-to-earnings-growth ratio of 1.41 and a beta of 1.05. The company has a current ratio of 1.30, a quick ratio of 1.19 and a debt-to-equity ratio of 0.56.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.12. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. The company had revenue of $6.55 billion for the quarter, compared to the consensus estimate of $6.61 billion. Equities analysts forecast that Quanta Services will post 9.34 EPS for the current year.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors have recently made changes to their positions in the stock. Versor Investments LP purchased a new stake in shares of Quanta Services in the third quarter valued at $406,000. Kestra Private Wealth Services LLC grew its position in shares of 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 period. Principal Financial Group Inc. grew its position in shares of Quanta Services by 5.6% in the third quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after purchasing an additional 11,012 shares during the period. Synovus Financial Corp grew its position in shares of Quanta Services by 34.0% in the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock valued at $2,148,000 after purchasing an additional 1,830 shares during the period. Finally, Waverton Investment Management Ltd grew its position in shares of Quanta Services by 6.5% in the third quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after purchasing an additional 2,557 shares during the period. 90.49% of the stock is 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.