Quanta Services (NYSE:PWR) Stock Price Target Lowered at Oppenheimer

Quanta Services (NYSE:PWR) had its target price reduced by research analysts at Oppenheimer from $835.00 to $800.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Oppenheimer‘s target price would suggest a potential upside of 27.89% from the company’s current price.

A number of other research firms also recently weighed in on PWR. Zacks Research downgraded shares of Quanta Services from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Wall Street Zen upgraded Quanta Services from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial increased their price objective on Quanta Services from $945.00 to $960.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. Guggenheim raised Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 target price for the company in a research report on Friday, July 31st. Finally, Robert W. Baird set a $728.00 target price on Quanta Services in a research note on Friday, July 31st. Twenty-three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $766.62.

Quanta Services Stock Performance

Shares of NYSE PWR traded up $4.82 during midday trading on Monday, reaching $625.55. The company’s stock had a trading volume of 416,450 shares, compared to its average volume of 1,141,581. Quanta Services has a 12-month low of $408.36 and a 12-month high of $788.75. The firm has a 50 day moving average price of $632.80 and a 200-day moving average price of $623.16. The stock has a market capitalization of $94.26 billion, a P/E ratio of 56.90, a PEG ratio of 1.84 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.02 by $1.04. The company had revenue of $12.01 billion during the quarter, compared to the consensus estimate of $11.03 billion. Quanta Services had a return on equity of 23.56% and a net margin of 4.51%. Quanta Services’s revenue was up 57.4% on a year-over-year basis. During the same period last year, the business posted $3.33 earnings per share. As a group, equities analysts predict that Quanta Services will post 15.36 earnings per share for the current year.

Institutional Trading of Quanta Services

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake in Quanta Services by 4.7% during the second quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock valued at $4,739,164,000 after buying an additional 296,893 shares during the period. Bank of America Corp DE boosted its position in shares of Quanta Services by 5.4% during the 1st quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock valued at $1,891,215,000 after acquiring an additional 175,184 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Quanta Services by 7.1% during the 1st quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after acquiring an additional 83,363 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock worth $551,170,000 after purchasing an additional 155,529 shares in the last quarter. Finally, Amundi increased its position in shares of Quanta Services by 10.3% in the first quarter. Amundi now owns 580,718 shares of the construction company’s stock worth $318,826,000 after purchasing an additional 54,237 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

About Quanta Services

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.