Truist Financial Has Lowered Expectations for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWRFree Report) had its price target reduced by Truist Financial from $399.00 to $398.00 in a research report sent to investors on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other research firms also recently weighed in on PWR. Daiwa Capital Markets assumed coverage on Quanta Services in a research note on Friday, December 6th. They issued an “outperform” rating and a $355.00 price target on the stock. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Northland Securities restated an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Robert W. Baird boosted their target price on Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Guggenheim initiated coverage on Quanta Services in a research report on Wednesday, January 8th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $324.19.

Check Out Our Latest Stock Report on Quanta Services

Quanta Services Trading Up 0.3 %

Shares of PWR stock opened at $337.10 on Thursday. The business’s 50 day moving average is $329.35 and its two-hundred day moving average is $296.48. Quanta Services has a twelve month low of $187.27 and a twelve month high of $350.19. The company has a market capitalization of $49.76 billion, a P/E ratio of 62.20 and a beta of 1.06. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWRGet Free Report) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the previous year, the business earned $2.08 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts forecast that Quanta Services will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.10 dividend. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.12%. The ex-dividend date was Thursday, January 2nd. Quanta Services’s dividend payout ratio is presently 7.38%.

Hedge Funds Weigh In On Quanta Services

Several institutional investors have recently added to or reduced their stakes in PWR. Electron Capital Partners LLC increased its stake in Quanta Services by 395.1% in the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock valued at $666,260,000 after purchasing an additional 2,092,519 shares during the last quarter. Alkeon Capital Management LLC raised its holdings in shares of Quanta Services by 62.5% in the 3rd quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company’s stock worth $193,798,000 after purchasing an additional 250,000 shares during the period. Public Sector Pension Investment Board raised its holdings in shares of Quanta Services by 4,701.7% in the 2nd quarter. Public Sector Pension Investment Board now owns 153,559 shares of the construction company’s stock worth $39,018,000 after purchasing an additional 150,361 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Quanta Services by 29,655.3% in the 3rd quarter. International Assets Investment Management LLC now owns 148,479 shares of the construction company’s stock worth $44,269,000 after purchasing an additional 147,980 shares during the period. Finally, Meitav Investment House Ltd. purchased a new position in shares of Quanta Services in the 3rd quarter worth about $27,430,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

About Quanta Services

(Get Free Report)

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.

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Analyst Recommendations for Quanta Services (NYSE:PWR)

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