Quanta Services (NYSE:PWR) Stock Price Target Cut by Piper Sandler

Quanta Services (NYSE:PWR) had its price target lowered by stock analysts at Piper Sandler from $714.00 to $701.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the construction company’s stock. Piper Sandler‘s price objective indicates a potential upside of 20.26% from the company’s current price.

Other analysts have also issued reports about the stock. Truist Financial increased their price objective on shares of Quanta Services from $945.00 to $960.00 and gave the stock a “buy” rating in a research report on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft lowered Quanta Services to a “sell” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. cut Quanta Services from an “overweight” rating to a “neutral” rating and set a $714.00 target price on the stock. in a research note on Tuesday, July 21st. UBS Group reiterated a “buy” rating on shares of Quanta Services in a report on Monday, August 17th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $760.00 price target on shares of Quanta Services in a research note on Monday, November 2nd. 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $763.31.

Quanta Services Trading Up 7.8%

Shares of PWR traded up $42.00 during midday trading on Monday, hitting $582.90. The stock had a trading volume of 462,044 shares, compared to its average volume of 1,177,616. The stock’s 50 day moving average is $628.83 and its 200 day moving average is $626.39. The firm has a market cap of $87.83 billion, a PE ratio of 52.75, a price-to-earnings-growth ratio of 1.38 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. Quanta Services has a 1 year low of $408.36 and a 1 year high of $788.75.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the company earned $3.33 EPS. The firm’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, analysts forecast that Quanta Services will post 16.61 EPS for the current fiscal year.

Institutional Trading of Quanta Services

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bartlett & CO. Wealth Management LLC lifted its stake in shares of Quanta Services by 2.6% during the 1st quarter. Bartlett & CO. Wealth Management LLC now owns 513 shares of the construction company’s stock worth $282,000 after purchasing an additional 13 shares during the last quarter. Pincus Capital Management LP grew its stake in Quanta Services by 0.4% in the first quarter. Pincus Capital Management LP now owns 3,690 shares of the construction company’s stock valued at $2,026,000 after purchasing an additional 15 shares during the last quarter. SouthState Bank Corp raised its holdings in Quanta Services by 23.5% in the first quarter. SouthState Bank Corp now owns 84 shares of the construction company’s stock worth $46,000 after purchasing an additional 16 shares in the last quarter. Brighton Jones LLC raised its holdings in Quanta Services by 0.7% in the third quarter. Brighton Jones LLC now owns 2,515 shares of the construction company’s stock worth $1,616,000 after purchasing an additional 18 shares in the last quarter. Finally, Joseph Group Capital Management lifted its position 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 valued at $41,000 after buying an additional 18 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Company Profile

Quanta Services, Inc provides specialized contracting and infrastructure services to the electric power, energy and communications industries. Its work spans the planning, design, construction, repair and maintenance of essential infrastructure.

The company’s services include electric transmission and distribution lines, substations, renewable energy facilities, natural gas and pipeline systems, and communications networks. Quanta supports projects across the infrastructure lifecycle, from initial development and construction to ongoing upgrades and maintenance.

Founded in 1997, Quanta serves customers primarily in North America, with operations also extending to Australia and other international markets.