Zacks Research Upgrades Quanta Services (NYSE:PWR) to Strong-Buy

Quanta Services (NYSE:PWR) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

PWR has been the subject of a number of other research reports. Sanford C. Bernstein upgraded Quanta Services from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $748.00 to $775.00 in a report on Thursday, September 24th. Jefferies Financial Group reiterated a “buy” rating and issued a $760.00 price target on shares of Quanta Services in a report on Monday. Wall Street Zen upgraded Quanta Services from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. The Goldman Sachs Group set a $781.00 price target on Quanta Services in a research report on Thursday, October 22nd. Finally, Morgan Stanley downgraded Quanta Services to an “underweight” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $763.81.

Quanta Services Trading Down 11.6%

NYSE:PWR opened at $580.59 on Tuesday. Quanta Services has a one year low of $408.36 and a one year high of $788.75. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.13 and a current ratio of 1.16. The firm has a market cap of $87.48 billion, a P/E ratio of 52.59, a P/E/G ratio of 1.68 and a beta of 1.29. The firm has a 50-day simple moving average of $632.70 and a 200-day simple moving average of $625.80.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.02 by $1.04. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The firm had revenue of $12.01 billion during the quarter, compared to analysts’ expectations of $11.03 billion. During the same quarter in the prior year, the company earned $3.33 EPS. The company’s revenue was up 57.4% compared to the same quarter last year. Equities analysts anticipate that Quanta Services will post 16.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PWR. State Street Corp boosted its holdings in Quanta Services by 4.7% in the second quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after acquiring an additional 296,893 shares in the last quarter. Bank of America Corp DE grew its stake in shares of Quanta Services by 5.4% during the first quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock worth $1,891,215,000 after acquiring an additional 175,184 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of Quanta Services by 7.1% during the first quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after acquiring an additional 83,363 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock valued at $551,170,000 after acquiring an additional 155,529 shares in the last quarter. Finally, Amundi raised its position in shares of Quanta Services by 10.3% in the 1st quarter. Amundi now owns 580,718 shares of the construction company’s stock valued at $318,826,000 after purchasing an additional 54,237 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

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.