Quanta Services, Inc. (NYSE:PWR) Downgraded by Robert W. Baird
Robert W. Baird cut shares of Quanta Services, Inc. (NYSE:PWR) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have $38.00 price target on the construction company’s stock, down from their previous price target of $41.00.
Other research analysts have also recently issued research reports about the company. FBR & Co dropped their price target on Quanta Services from $41.00 to $40.00 and set a mkt perform rating for the company in a research report on Friday, April 7th. BidaskClub upgraded Quanta Services from a sell rating to a hold rating in a research report on Thursday, July 13th. Credit Suisse Group restated a buy rating and issued a $46.00 price target on shares of Quanta Services in a research report on Wednesday. UBS AG upgraded Quanta Services from a neutral rating to a buy rating and raised their price target for the company from $38.00 to $42.00 in a research report on Thursday, July 13th. Finally, Zacks Investment Research upgraded Quanta Services from a sell rating to a hold rating in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. Quanta Services presently has a consensus rating of Buy and an average price target of $39.88.
Shares of Quanta Services (PWR) opened at 33.58 on Wednesday. Quanta Services has a 52 week low of $23.22 and a 52 week high of $38.82. The firm has a market cap of $5.11 billion, a PE ratio of 23.21 and a beta of 0.84. The firm’s 50-day moving average is $32.86 and its 200 day moving average is $34.70.
Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, May 4th. The construction company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The firm had revenue of $2.18 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Quanta Services had a return on equity of 7.08% and a net margin of 2.79%. Quanta Services’s revenue was up 27.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share. Equities research analysts forecast that Quanta Services will post $2.00 EPS for the current year.
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Quanta Services announced that its board has approved a share repurchase plan on Thursday, May 25th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
Hedge funds have recently bought and sold shares of the stock. Daiwa Securities Group Inc. raised its stake in Quanta Services by 7.1% in the second quarter. Daiwa Securities Group Inc. now owns 396,000 shares of the construction company’s stock worth $13,036,000 after buying an additional 26,300 shares during the last quarter. Bessemer Group Inc. raised its stake in Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after buying an additional 840 shares during the last quarter. CIBC Asset Management Inc raised its stake in Quanta Services by 0.4% in the second quarter. CIBC Asset Management Inc now owns 13,120 shares of the construction company’s stock worth $432,000 after buying an additional 53 shares during the last quarter. Rothschild Asset Management Inc. raised its stake in Quanta Services by 22.9% in the second quarter. Rothschild Asset Management Inc. now owns 1,252,249 shares of the construction company’s stock worth $41,225,000 after buying an additional 233,008 shares during the last quarter. Finally, Pillar Pacific Capital Management LLC raised its stake in Quanta Services by 19.3% in the second quarter. Pillar Pacific Capital Management LLC now owns 82,310 shares of the construction company’s stock worth $2,710,000 after buying an additional 13,295 shares during the last quarter. 89.24% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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