Quanta Services (PWR) to Repurchase $500.00 million in Outstanding Shares
Quanta Services (NYSE:PWR) announced that its board has approved a stock buyback program, which permits the company to repurchase $500.00 million in shares on Tuesday, September 4th. This repurchase authorization permits the construction company to buy up to 9.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
PWR has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Quanta Services from a “buy” rating to a “hold” rating in a report on Tuesday, May 8th. B. Riley increased their price target on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday, August 6th. Finally, ValuEngine downgraded shares of Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Quanta Services presently has an average rating of “Buy” and a consensus price target of $46.30.
Shares of PWR opened at $33.96 on Wednesday. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.15 billion, a PE ratio of 19.08, a P/E/G ratio of 1.73 and a beta of 0.89. Quanta Services has a 52-week low of $32.19 and a 52-week high of $40.10.
About Quanta Services
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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