Quanta Services Inc. (PWR) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Quanta Services Inc. (NYSE:PWR) from a hold rating to a buy rating in a research note issued to investors on Wednesday. Zacks Investment Research currently has $31.00 price target on the stock.
According to Zacks, “Quanta Services’ core transmission and distribution operations continue to perform well. The company remains confident about a rebound in its end markets in coming quarters, on the back of solid growth drivers like an aging grid, shifting generation mix and implementation of clean energy initiatives. Also, its top line should benefit from the expected mobilization of a number of large diameter pipeline projects. The company’s strong presence in the mainline pipe markets and record backlog levels are also likely to aid its profitability in the coming quarters. However, Quanta Services has a choppy earnings beat history, having missed estimates twice for as many beats over the four trailing quarters. The company’s financials have been hurt due to declining volume in Electric segment, a challenging Canadian economy and persistent adverse weather conditions over the past few quarters.”
Several other equities research analysts have also recently weighed in on the company. Citigroup Inc. reduced their price objective on Quanta Services from $27.00 to $26.00 and set a neutral rating on the stock in a research note on Friday, August 5th. Stifel Nicolaus boosted their price objective on Quanta Services from $28.00 to $32.50 and gave the stock a buy rating in a research note on Friday, September 23rd. Credit Suisse Group AG reiterated a buy rating and issued a $26.00 target price on shares of Quanta Services in a research note on Monday, August 8th. Finally, Deutsche Bank AG reiterated a buy rating on shares of Quanta Services in a research note on Saturday, August 6th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $27.05.
Quanta Services (NYSE:PWR) traded down 0.11% on Wednesday, hitting $28.23. The stock had a trading volume of 431,840 shares. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of 19.07 and a beta of 0.69. Quanta Services has a 1-year low of $16.77 and a 1-year high of $28.50. The stock’s 50-day moving average is $26.16 and its 200 day moving average is $24.27.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 4th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by $0.18. The firm earned $1.15 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Quanta Services had a return on equity of 4.68% and a net margin of 3.38%. Quanta Services’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 earnings per share. On average, equities research analysts predict that Quanta Services will post $1.55 earnings per share for the current fiscal year.
In related news, EVP Randall C. Wisenbaker sold 5,121 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $26.36, for a total transaction of $134,989.56. Following the transaction, the executive vice president now owns 40,193 shares of the company’s stock, valued at $1,059,487.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.70% of the company’s stock.
Large investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Quanta Services during the fourth quarter valued at about $31,259,000. Aperio Group LLC increased its position in shares of Quanta Services by 49.7% in the first quarter. Aperio Group LLC now owns 51,150 shares of the company’s stock valued at $1,154,000 after buying an additional 16,982 shares during the period. CIBC World Markets Inc. increased its position in shares of Quanta Services by 18.0% in the first quarter. CIBC World Markets Inc. now owns 14,466 shares of the company’s stock valued at $326,000 after buying an additional 2,211 shares during the period. Teachers Advisors Inc. increased its position in shares of Quanta Services by 50.1% in the first quarter. Teachers Advisors Inc. now owns 510,129 shares of the company’s stock valued at $11,509,000 after buying an additional 170,302 shares during the period. Finally, Prudential Financial Inc. increased its position in shares of Quanta Services by 295.9% in the first quarter. Prudential Financial Inc. now owns 808,514 shares of the company’s stock valued at $18,240,000 after buying an additional 604,300 shares during the period. Institutional investors own 87.80% of the company’s stock.
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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