Quanta Services (NYSE:PWR) Hits New 12-Month High on Analyst Upgrade

Shares of Quanta Services, Inc. (NYSE:PWR) hit a new 52-week high on Monday after B. Riley raised their price target on the stock from $246.00 to $286.00. B. Riley currently has a buy rating on the stock. Quanta Services traded as high as $270.42 and last traded at $268.16, with a volume of 576463 shares traded. The stock had previously closed at $256.33.

Other analysts also recently issued reports about the company. Stifel Nicolaus upped their price objective on Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. DA Davidson upped their price objective on Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 28th. Robert W. Baird upped their price objective on Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a research report on Friday. Citigroup upped their price objective on Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Truist Financial began coverage on Quanta Services in a report on Thursday, March 14th. They issued a “buy” rating and a $301.00 target price for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.15.

Insider Activity

In other news, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Donald Wayne sold 595 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $239.61, for a total value of $142,567.95. Following the sale, the executive vice president now owns 41,954 shares in the company, valued at approximately $10,052,597.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,125 shares of company stock valued at $11,270,215. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

Several institutional investors and hedge funds have recently made changes to their positions in PWR. Private Ocean LLC bought a new stake in shares of Quanta Services during the 1st quarter valued at about $26,000. Salomon & Ludwin LLC bought a new position in Quanta Services in the first quarter worth approximately $26,000. Grove Bank & Trust boosted its holdings in Quanta Services by 75.6% in the third quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock worth $30,000 after acquiring an additional 68 shares in the last quarter. Hazlett Burt & Watson Inc. boosted its holdings in Quanta Services by 47.3% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Quanta Services in the fourth quarter worth approximately $34,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Up 5.1 %

The firm has a fifty day simple moving average of $251.36 and a 200-day simple moving average of $215.69. The firm has a market cap of $39.44 billion, a P/E ratio of 52.22 and a beta of 1.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.21. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the company earned $1.54 earnings per share. The company’s quarterly revenue was up 31.0% on a year-over-year basis. On average, equities research analysts expect that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were issued a $0.09 dividend. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.13%. Quanta Services’s dividend payout ratio is presently 6.98%.

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.