Quanta Services (NYSE:PWR) Stock Moved Up to Strong-Buy by Zacks Research

Zacks Research upgraded shares of Quanta Services (NYSE:PWR) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks reports.

PWR has been the subject of several other research reports. Truist Financial lifted their price target on Quanta Services from $945.00 to $960.00 and gave the company a “buy” rating in a research note on Tuesday, October 27th. Morgan Stanley downgraded Quanta Services to an “underweight” rating in a research report on Monday, August 3rd. KeyCorp raised Quanta Services from a “sector weight” rating to an “overweight” rating and set a $807.00 price objective on the stock in a report on Friday, August 7th. Mizuho set a $684.00 target price on shares of Quanta Services in a research report on Wednesday, October 7th. Finally, Benchmark cut shares of Quanta Services to a “sell” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $763.81.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $580.59 on Tuesday. The company’s fifty day moving average price is $632.70 and its 200 day moving average price is $625.80. Quanta Services has a 1 year low of $408.36 and a 1 year high of $788.75. The company has a market capitalization of $87.48 billion, a PE ratio of 52.59, a price-to-earnings-growth ratio of 1.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.13 and a current ratio of 1.16.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 29th. The construction company reported $6.06 earnings per share for the quarter, beating analysts’ consensus estimates of $5.02 by $1.04. The company had revenue of $12.01 billion during the quarter, compared to analysts’ expectations of $11.03 billion. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.33 earnings per share. On average, research analysts predict that Quanta Services will post 16.61 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were given a dividend of $0.11 per share. The ex-dividend date was Thursday, October 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s payout ratio is 3.99%.

Institutional Trading of Quanta Services

A number of large investors have recently made changes to their positions in PWR. Cornerstone Financial Management LLC grew its stake in shares of Quanta Services by 70.4% in the 2nd quarter. Cornerstone Financial Management LLC now owns 46 shares of the construction company’s stock valued at $33,000 after purchasing an additional 19 shares during the last quarter. Boreal Capital Management LLC purchased a new stake in shares of Quanta Services during the first quarter worth approximately $27,000. JNBA Financial Advisors lifted its holdings in shares of Quanta Services by 1,733.3% during the second quarter. JNBA Financial Advisors now owns 55 shares of the construction company’s stock worth $40,000 after purchasing an additional 52 shares during the period. Joseph Group Capital Management lifted its holdings in shares of Quanta Services by 39.1% during the third quarter. Joseph Group Capital Management now owns 64 shares of the construction company’s stock worth $41,000 after purchasing an additional 18 shares during the period. Finally, MADDEN SECURITIES Corp acquired a new stake in shares of Quanta Services during the third quarter worth $48,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Company Profile

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.