Quanta Services, Inc. (PWR) Given Average Recommendation of “Buy” by Analysts
Quanta Services, Inc. (NYSE:PWR) has been assigned an average recommendation of “Buy” from the fourteen research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $42.00.
A number of research analysts recently commented on PWR shares. Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 price target on shares of Quanta Services in a report on Friday, August 4th. Johnson Rice raised shares of Quanta Services from an “accumulate” rating to a “buy” rating and increased their price target for the company from $41.00 to $43.00 in a report on Friday, August 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $43.00 price target on shares of Quanta Services in a report on Friday, July 7th. BidaskClub raised shares of Quanta Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Finally, FBR & Co raised shares of Quanta Services to an “outperform” rating and increased their price objective for the stock from $40.00 to $45.00 in a research report on Wednesday, August 9th.
Quanta Services (NYSE PWR) opened at 34.89 on Tuesday. Quanta Services has a 12-month low of $24.49 and a 12-month high of $38.82. The stock’s 50 day moving average price is $34.37 and its 200-day moving average price is $34.62. The firm has a market cap of $5.41 billion, a PE ratio of 19.84 and a beta of 0.84.
Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the previous year, the business posted $0.18 EPS. The firm’s revenue was up 22.8% on a year-over-year basis. Equities research analysts anticipate that Quanta Services will post $2.03 earnings per share for the current fiscal year.
Quanta Services declared that its Board of Directors has approved a share buyback program on Thursday, May 25th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
In other news, Director Patrick Wood III sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total transaction of $138,040.00. Following the transaction, the director now directly owns 7,506 shares of the company’s stock, valued at $259,032.06. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.70% of the company’s stock.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock worth $310,240,000 after buying an additional 8,121,431 shares during the period. Victory Capital Management Inc. raised its position in shares of Quanta Services by 38.6% in the second quarter. Victory Capital Management Inc. now owns 6,314,406 shares of the construction company’s stock worth $207,871,000 after buying an additional 1,758,319 shares during the period. Peconic Partners LLC raised its position in shares of Quanta Services by 132.7% in the first quarter. Peconic Partners LLC now owns 2,850,000 shares of the construction company’s stock worth $105,764,000 after buying an additional 1,625,000 shares during the period. Janus Henderson Group PLC bought a new position in shares of Quanta Services during the second quarter worth approximately $36,881,000. Finally, Renaissance Technologies LLC bought a new position in shares of Quanta Services during the second quarter worth approximately $35,076,000. 88.57% of the stock is currently owned by institutional investors and hedge funds.
About Quanta Services
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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