Quanta Services (PWR) Rating Increased to Hold at Zacks Investment Research
Quanta Services (NYSE:PWR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Shares of Quanta Services have unperformed the industry in past one-year time frame. Estimates have also been trending downward for 2018 and 2019, over the past 30 days. Softer-than-expected margin performance of the oil and gas segment (down 350 bps in the second quarter of 2018) due to harsh weather conditions raises concern. Also, lower contribution of a larger project also added to the woes. That said, the company remains optimistic about the second half of 2018 as base business activity seasonally increases and larger pipeline projects speed up the pace. Again, the company’s communications infrastructure services business is also anticipated to benefit from present industry trends. Quanta Services is actively pursuing opportunities with various U.S. telecom and cable MSOs.”
Other research analysts have also issued research reports about the company. B. Riley boosted their target price on Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday, August 6th. ValuEngine lowered 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. Quanta Services currently has a consensus rating of “Buy” and a consensus price target of $46.30.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 2nd. The construction company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.51 billion. Quanta Services had a return on equity of 7.72% and a net margin of 3.10%. The company’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the firm earned $0.50 EPS. equities analysts expect that Quanta Services will post 2.5 EPS for the current fiscal year.
In other news, insider Jerry K. Lemon sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 6th. The stock was sold at an average price of $36.91, for a total value of $73,820.00. Following the transaction, the insider now owns 11,812 shares of the company’s stock, valued at $435,980.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.75% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Global X Management Co. LLC boosted its stake in shares of Quanta Services by 191.2% in the first quarter. Global X Management Co. LLC now owns 33,455 shares of the construction company’s stock valued at $1,149,000 after buying an additional 21,968 shares in the last quarter. Hennessy Advisors Inc. purchased a new stake in shares of Quanta Services in the first quarter valued at approximately $1,173,000. Rhumbline Advisers boosted its stake in shares of Quanta Services by 0.9% in the first quarter. Rhumbline Advisers now owns 259,518 shares of the construction company’s stock valued at $8,914,000 after buying an additional 2,255 shares in the last quarter. Fulton Bank N.A. boosted its stake in shares of Quanta Services by 60.6% in the first quarter. Fulton Bank N.A. now owns 13,957 shares of the construction company’s stock valued at $479,000 after buying an additional 5,265 shares in the last quarter. Finally, Alps Advisors Inc. boosted its stake in shares of Quanta Services by 80.5% in the first quarter. Alps Advisors Inc. now owns 23,365 shares of the construction company’s stock valued at $803,000 after buying an additional 10,420 shares in the last quarter. 85.03% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Company Profile
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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