Quanta Services (NYSE:PWR) Given New $288.00 Price Target at Evercore ISI

Quanta Services (NYSE:PWR) had its target price boosted by Evercore ISI from $255.00 to $288.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the construction company’s stock.

Several other brokerages have also commented on PWR. DA Davidson increased their price target on shares of Quanta Services from $225.00 to $250.00 and gave the stock a neutral rating in a research note on Tuesday. Truist Financial reissued a buy rating and set a $305.00 price objective (up previously from $301.00) on shares of Quanta Services in a research report on Monday. KeyCorp assumed coverage on Quanta Services in a research report on Wednesday, January 10th. They issued a sector weight rating on the stock. TD Cowen upped their target price on shares of Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Finally, B. Riley raised their price target on shares of Quanta Services from $246.00 to $286.00 and gave the stock a buy rating in a research note on Friday, May 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $262.00.

Quanta Services Stock Performance

PWR opened at $266.86 on Tuesday. The business has a fifty day simple moving average of $251.91 and a 200-day simple moving average of $216.41. The firm has a market cap of $39.07 billion, a PE ratio of 51.72 and a beta of 1.10. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $271.96.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter last year, the business posted $1.54 EPS. Quanta Services’s revenue was up 31.0% on a year-over-year basis. As a group, equities analysts predict that Quanta Services will post 7.63 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were paid a $0.09 dividend. The ex-dividend date 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 (DPR) is presently 6.98%.

Insider Buying and Selling

In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the transaction, the executive vice president now directly 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 hyperlink. In related news, Director Worthing Jackman sold 9,572 shares of Quanta Services stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares in the company, valued at $1,776,502.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the transaction, the executive vice president now owns 263,725 shares in the company, valued at $62,476,452.50. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock worth $11,270,215 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently modified their holdings of the business. Private Ocean LLC bought a new stake in shares of Quanta Services during the 1st quarter valued at $26,000. Salomon & Ludwin LLC acquired a new position in shares of Quanta Services during the 1st quarter worth about $26,000. Grove Bank & Trust increased its stake in shares of Quanta Services by 75.6% in the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after acquiring an additional 68 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in shares of Quanta Services by 47.3% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after acquiring an additional 52 shares during the period. Finally, Newbridge Financial Services Group Inc. bought a new position in Quanta Services during the 4th quarter worth approximately $34,000. 90.49% of the stock is owned by institutional investors.

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.