Quanta Services (PWR) PT Lowered to $50.00

Quanta Services (NYSE:PWR) had its price objective reduced by Citigroup from $53.00 to $50.00 in a research report sent to investors on Friday morning. They currently have a buy rating on the construction company’s stock.

Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Quanta Services from a sell rating to a hold rating in a report on Friday, August 31st. B. Riley raised their target price on Quanta Services from $52.00 to $53.00 and gave the stock a buy rating in a research report on Monday, August 6th. ValuEngine cut Quanta Services from a hold rating to a sell rating in a research report on Wednesday, August 8th. Finally, Cfra reaffirmed a buy rating and issued a $40.00 target price on shares of Quanta Services in a research report on Thursday, September 6th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $44.80.

Shares of NYSE PWR traded up $0.95 during mid-day trading on Friday, reaching $34.38. The company had a trading volume of 2,782,103 shares, compared to its average volume of 1,424,881. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $5.12 billion, a price-to-earnings ratio of 16.69, a PEG ratio of 1.70 and a beta of 0.84. Quanta Services has a 1-year low of $30.25 and a 1-year high of $40.10.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, November 1st. The construction company reported $0.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.97 by ($0.09). The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.93 billion. Quanta Services had a return on equity of 8.64% and a net margin of 3.32%. The business’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 earnings per share. As a group, analysts anticipate that Quanta Services will post 2.52 earnings per share for the current year.

Quanta Services announced that its Board of Directors has approved a stock buyback program on Tuesday, September 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the construction company to buy up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional investors have recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in shares of Quanta Services by 27.6% in the second quarter. PNC Financial Services Group Inc. now owns 59,354 shares of the construction company’s stock worth $1,983,000 after buying an additional 12,846 shares during the period. Hexavest Inc. boosted its position in shares of Quanta Services by 91.0% in the third quarter. Hexavest Inc. now owns 1,721,605 shares of the construction company’s stock worth $57,467,000 after buying an additional 820,397 shares during the period. Boenning & Scattergood Inc. boosted its position in shares of Quanta Services by 37.1% in the third quarter. Boenning & Scattergood Inc. now owns 27,000 shares of the construction company’s stock worth $901,000 after buying an additional 7,300 shares during the period. Manatuck Hill Partners LLC acquired a new stake in Quanta Services during the second quarter valued at $501,000. Finally, Greenhaven Associates Inc. boosted its position in Quanta Services by 2.6% during the third quarter. Greenhaven Associates Inc. now owns 2,578,300 shares of the construction company’s stock valued at $86,064,000 after purchasing an additional 64,200 shares during the last quarter. 85.60% of the stock is owned by institutional investors and hedge funds.

About Quanta Services

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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Analyst Recommendations for Quanta Services (NYSE:PWR)

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