Quanta Services, Inc. (PWR) Stock Rating Lowered by Zacks Investment Research
Quanta Services, Inc. (NYSE:PWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Over the past one year, shares of Quanta Services have outperformed that of the industry. Quanta Services remains confident about the prospects of its end markets over the next two years. The company believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars. Its communications infrastructure services business is also expected to benefit from present industry trends. However, on the flip side, lack of a commissioner quorum in Federal Energy Regulatory Commission (“FERC”) has put up a lot of major projects on hold, adding to Quanta Services’ woes. Also, project losses and delays, pose as threats. In addition, seasonality and the cancellation of pipeline projects in the oil and gas business are likely to impact the company’s backlog.”
A number of other equities research analysts also recently weighed in on the company. Seaport Global Securities reissued a “buy” rating and set a $45.00 target price (up previously from $41.00) on shares of Quanta Services in a report on Wednesday, October 11th. ValuEngine cut Quanta Services from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Robert W. Baird restated a “hold” rating and issued a $39.00 price target on shares of Quanta Services in a research report on Friday, October 6th. Stifel Nicolaus restated a “buy” rating and issued a $45.00 price target on shares of Quanta Services in a research report on Thursday, September 7th. Finally, BidaskClub cut Quanta Services from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $42.40.
Shares of Quanta Services (PWR) opened at 37.40 on Tuesday. Quanta Services has a 12-month low of $27.29 and a 12-month high of $38.82. The company has a market cap of $5.80 billion, a price-to-earnings ratio of 21.26 and a beta of 0.83. The stock has a 50 day moving average of $36.87 and a 200 day moving average of $34.49.
Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.03). Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same period in the prior year, the business posted $0.18 EPS. The firm’s quarterly revenue was up 22.8% compared to the same quarter last year. On average, equities analysts expect that Quanta Services will post $2.03 earnings per share for the current fiscal year.
In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of Quanta Services stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $35.79, for a total value of $143,160.00. Following the transaction, the director now owns 17,152 shares in the company, valued at $613,870.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Randall C. Wisenbaker sold 9,000 shares of Quanta Services stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total value of $316,350.00. Following the completion of the transaction, the executive vice president now owns 34,797 shares in the company, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,000 shares of company stock worth $597,550. Company insiders own 0.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Fulton Bank N.A. bought a new position in Quanta Services in the third quarter valued at about $278,000. Centre Asset Management LLC grew its position in Quanta Services by 4.3% in the third quarter. Centre Asset Management LLC now owns 239,130 shares of the construction company’s stock valued at $8,936,000 after acquiring an additional 9,780 shares during the last quarter. Neville Rodie & Shaw Inc. grew its position in Quanta Services by 6.2% in the third quarter. Neville Rodie & Shaw Inc. now owns 267,334 shares of the construction company’s stock valued at $9,990,000 after acquiring an additional 15,575 shares during the last quarter. Navellier & Associates Inc grew its position in Quanta Services by 5.2% in the second quarter. Navellier & Associates Inc now owns 153,450 shares of the construction company’s stock valued at $5,052,000 after acquiring an additional 7,646 shares during the last quarter. Finally, Toronto Dominion Bank grew its position in Quanta Services by 23.5% in the second quarter. Toronto Dominion Bank now owns 48,354 shares of the construction company’s stock valued at $1,592,000 after acquiring an additional 9,198 shares during the last quarter. Hedge funds and other institutional investors own 88.48% of the company’s stock.
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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