Truist Financial Reiterates Buy Rating for Quanta Services (NYSE:PWR)

Quanta Services (NYSE:PWR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Truist Financial in a report released on Monday, Benzinga reports. They presently have a $305.00 price target on the construction company’s stock, up from their prior price target of $301.00. Truist Financial’s price target suggests a potential upside of 14.29% from the stock’s current price.

A number of other research analysts have also recently commented on PWR. DA Davidson raised their target price on Quanta Services from $190.00 to $225.00 and gave the company a “neutral” rating in a research note on Wednesday, February 28th. KeyCorp assumed coverage on shares of Quanta Services in a research report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group boosted their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. TD Cowen raised 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, Evercore ISI assumed coverage on Quanta Services in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $237.00 price target on the stock. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.00.

Quanta Services Stock Down 1.0 %

Shares of NYSE:PWR opened at $266.86 on Monday. Quanta Services has a 12-month low of $153.74 and a 12-month high of $271.96. The company has a current ratio of 1.36, a quick ratio of 1.32 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $251.91 and its 200-day moving average price is $216.41. The stock has a market capitalization of $39.07 billion, a P/E ratio of 51.72 and a beta of 1.10.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share. On average, equities analysts anticipate that Quanta Services will post 7.63 earnings per share for the current year.

Insider Activity at Quanta Services

In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the firm’s stock in a transaction that occurred on 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 owns 263,725 shares of the company’s stock, valued at approximately $62,476,452.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was 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 of the company’s stock, valued at approximately $62,476,452.50. The disclosure for this sale can be found here. Insiders sold 47,125 shares of company stock worth $11,270,215 in the last three months. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently modified their holdings of PWR. Brown Advisory Inc. lifted its stake in Quanta Services by 0.6% during the third quarter. Brown Advisory Inc. now owns 42,844 shares of the construction company’s stock worth $8,015,000 after purchasing an additional 265 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Quanta Services by 12.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,884 shares of the construction company’s stock worth $10,080,000 after buying an additional 5,984 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Quanta Services by 3.9% in the 3rd quarter. Mackenzie Financial Corp now owns 11,500 shares of the construction company’s stock valued at $2,151,000 after buying an additional 434 shares during the last quarter. Strs Ohio raised its stake in Quanta Services by 4.6% during the 3rd quarter. Strs Ohio now owns 9,266 shares of the construction company’s stock worth $1,733,000 after acquiring an additional 409 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Quanta Services by 9.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 788,096 shares of the construction company’s stock valued at $147,429,000 after acquiring an additional 70,759 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

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.