Quanta Services, Inc. (PWR) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Quanta Services, Inc. (NYSE:PWR) from a sell rating to a hold rating in a research note issued to investors on Tuesday, July 11th.
According to Zacks, “Quanta Services began 2017 on a solid note, with robust year-over-year top- and bottom-line growth as well as an impressive revenues- and earnings-guidance hike for the full year. Going forward, the company expects a strong rebound in its end markets, including oil and gas, as it enters a renewed multiyear up-cycle for businesses. Also, rise in customers' multiyear capital budgets and favorable regulatory environment are expected to stoke growth. This apart, Quanta Services’ strategic acquisitions to boost core business holds promise. Despite these positives, over the past three months, shares of Quanta Services have significantly underperformed the Zacks categorized Engineering/R&D Services industry's return. The company believes that obtaining sighting and permission for energy infrastructure projects may continue to remain impact profitability. Also, project losses and delays, due to harsh weather conditions, add to woes.”
Several other equities research analysts have also issued reports on PWR. Robert W. Baird lowered their price target on shares of Quanta Services from $43.00 to $41.00 and set an outperform rating on the stock in a research note on Thursday, April 6th. FBR & Co lowered their price target on shares of Quanta Services from $41.00 to $40.00 and set a mkt perform rating on the stock in a research note on Friday, April 7th. TheStreet lowered shares of Quanta Services from a b rating to a c+ rating in a research note on Friday, May 26th. ValuEngine raised shares of Quanta Services from a hold rating to a buy rating in a research report on Friday, June 2nd. Finally, BidaskClub raised shares of Quanta Services from a strong sell rating to a sell rating in a research report on Saturday, June 10th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $41.11.
Quanta Services (PWR) opened at 36.50 on Tuesday. Quanta Services has a 12-month low of $23.60 and a 12-month high of $38.82. The stock’s 50 day moving average is $32.94 and its 200 day moving average is $34.70. The stock has a market capitalization of $5.55 billion, a PE ratio of 25.22 and a beta of 0.84.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. The company’s revenue was up 22.8% on a year-over-year basis. Analysts forecast that Quanta Services will post $2.00 EPS for the current year.
Quanta Services declared that its board has initiated a share buyback program on Thursday, May 25th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of institutional investors have recently added to or reduced their stakes in PWR. FTB Advisors Inc. boosted its position in Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock worth $103,000 after buying an additional 1,676 shares in the last quarter. Segantii Capital Management Ltd bought a new position in Quanta Services during the first quarter worth about $115,000. Ameritas Investment Partners Inc. bought a new position in Quanta Services during the first quarter worth about $134,000. Bessemer Group Inc. boosted its position 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 in the last quarter. Finally, LBA Wealth Management LLC bought a new position in Quanta Services during the first quarter worth about $177,000. Institutional investors and hedge funds own 89.31% 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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