Quanta Services (NYSE:PWR) Price Target Raised to $517.00

Quanta Services (NYSE:PWR) had its price target hoisted by Stifel Nicolaus from $495.00 to $517.00 in a report issued on Monday, Marketbeat reports. They currently have a buy rating on the construction company’s stock.

PWR has been the subject of a number of other research reports. Truist Financial raised their price objective on Quanta Services from $472.00 to $521.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Sanford C. Bernstein cut their price target on Quanta Services from $432.00 to $428.00 and set a “market perform” rating for the company in a report on Friday, December 19th. Evercore ISI upped their price objective on Quanta Services from $410.00 to $480.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. The Goldman Sachs Group set a $495.00 target price on shares of Quanta Services in a report on Monday, November 24th. Finally, Mizuho set a $415.00 price target on shares of Quanta Services in a research report on Tuesday, October 28th. Thirteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $462.00.

Quanta Services Trading Up 0.5%

Quanta Services stock opened at $481.55 on Monday. Quanta Services has a 1 year low of $227.08 and a 1 year high of $487.00. The firm’s 50 day moving average price is $446.21 and its 200-day moving average price is $421.27. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.34 and a quick ratio of 1.30. The stock has a market cap of $71.81 billion, a P/E ratio of 71.34, a PEG ratio of 2.32 and a beta of 1.16.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 30th. The construction company reported $3.33 earnings per share for the quarter, beating the consensus estimate of $3.24 by $0.09. The company had revenue of $7.63 billion during the quarter, compared to analysts’ expectations of $7.41 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.74%. Quanta Services’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period last year, the company posted $2.72 earnings per share. On average, equities analysts predict that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Donald Wayne sold 14,000 shares of the company’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $443.81, for a total transaction of $6,213,340.00. Following the transaction, the executive vice president directly owned 34,575 shares in the company, valued at approximately $15,344,730.75. This represents a 28.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 7,653 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $446.08, for a total transaction of $3,413,850.24. Following the completion of the sale, the insider directly owned 19,960 shares of the company’s stock, valued at approximately $8,903,756.80. The trade was a 27.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 32,002 shares of company stock worth $14,295,857. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quanta Services

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Quanta Services in the 2nd quarter valued at $675,802,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in shares of Quanta Services by 57.2% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,425,436 shares of the construction company’s stock valued at $917,009,000 after purchasing an additional 882,209 shares during the period. Bank of America Corp DE grew its holdings in shares of Quanta Services by 35.6% in the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock worth $1,208,672,000 after purchasing an additional 765,822 shares during the last quarter. Select Equity Group L.P. increased its stake in Quanta Services by 69.3% in the 2nd quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock worth $384,554,000 after buying an additional 416,395 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Quanta Services by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company’s stock valued at $7,519,079,000 after buying an additional 386,937 shares in the last quarter. 90.49% of the stock is owned by institutional investors.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.