Zacks Research Upgrades Quanta Services (NYSE:PWR) to “Strong-Buy”

Quanta Services (NYSE:PWR) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

PWR has been the topic of several other research reports. Robert W. Baird set a $728.00 price objective on Quanta Services in a report on Friday, July 31st. Piper Sandler reduced their target price on Quanta Services from $731.00 to $714.00 and set an “overweight” rating on the stock in a research note on Monday, September 28th. Guggenheim upgraded Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 target price for the company in a report on Friday, July 31st. KeyCorp raised Quanta Services from a “sector weight” rating to an “overweight” rating and set a $807.00 price target for the company in a research note on Friday, August 7th. Finally, Truist Financial lifted their price target on shares of Quanta Services from $945.00 to $960.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $763.81.

Quanta Services Stock Performance

Shares of PWR opened at $580.59 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. Quanta Services has a 1 year low of $408.36 and a 1 year high of $788.75. The firm has a market cap of $87.48 billion, a PE ratio of 52.59, a PEG ratio of 1.68 and a beta of 1.29. The stock’s fifty day moving average price is $632.70 and its two-hundred day moving average price is $625.80.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, October 29th. The construction company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.02 by $1.04. Quanta Services had a return on equity of 23.56% and a net margin of 4.51%. The business had revenue of $12.01 billion during the quarter, compared to the consensus estimate of $11.03 billion. During the same quarter last year, the company earned $3.33 EPS. The firm’s revenue was up 57.4% compared to the same quarter last year. On average, equities research analysts forecast that Quanta Services will post 16.61 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PWR. Boreal Capital Management LLC bought a new stake in shares of Quanta Services during the 1st quarter worth approximately $27,000. Cornerstone Financial Management LLC boosted its holdings in Quanta Services by 70.4% during the 2nd quarter. Cornerstone Financial Management LLC now owns 46 shares of the construction company’s stock valued at $33,000 after acquiring an additional 19 shares during the period. JNBA Financial Advisors grew its position in Quanta Services by 1,733.3% in the 2nd quarter. JNBA Financial Advisors now owns 55 shares of the construction company’s stock valued at $40,000 after acquiring an additional 52 shares during the last quarter. Joseph Group Capital Management grew its position in Quanta Services by 39.1% in the 3rd quarter. Joseph Group Capital Management now owns 64 shares of the construction company’s stock valued at $41,000 after acquiring an additional 18 shares during the last quarter. Finally, SouthState Bank Corp increased its stake in Quanta Services by 23.5% in the first quarter. SouthState Bank Corp now owns 84 shares of the construction company’s stock worth $46,000 after purchasing an additional 16 shares during the period. Hedge funds and other institutional investors own 90.49% of the company’s stock.

About Quanta Services

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.