Quanta Services (PWR) Upgraded to Hold by ValuEngine

ValuEngine upgraded shares of Quanta Services (NYSE:PWR) from a sell rating to a hold rating in a report issued on Friday.

Other equities research analysts also recently issued reports about the company. B. Riley boosted their target price on Quanta Services from $52.00 to $53.00 and gave the stock a buy rating in a report on Monday, August 6th. Cfra reissued a buy rating and issued a $40.00 target price on shares of Quanta Services in a report on Thursday, September 6th. Citigroup dropped their target price on Quanta Services from $53.00 to $50.00 and set a buy rating on the stock in a report on Friday. Zacks Investment Research raised Quanta Services from a hold rating to a buy rating and set a $36.00 target price on the stock in a report on Tuesday, October 23rd. Finally, Robert W. Baird dropped their target price on Quanta Services from $41.00 to $39.00 and set a neutral rating on the stock in a report on Friday. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Quanta Services has a consensus rating of Buy and a consensus target price of $44.80.

PWR stock traded up $0.95 during midday trading on Friday, hitting $34.38. The stock had a trading volume of 2,782,103 shares, compared to its average volume of 1,424,881. The stock has a market cap 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 52-week low of $30.25 and a 52-week high of $40.10. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, November 1st. The construction company reported $0.88 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by ($0.09). Quanta Services had a return on equity of 8.64% and a net margin of 3.32%. The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the firm posted $0.63 earnings per share. The company’s revenue was up 14.4% compared to the same quarter last year. Equities research analysts expect that Quanta Services will post 2.52 earnings per share for the current fiscal year.

Quanta Services declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 4th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to purchase up to 9.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Several large investors have recently made changes to their positions in the company. Virginia Retirement Systems ET AL bought a new position in shares of Quanta Services during the third quarter valued at $574,000. Bank of The West lifted its holdings in shares of Quanta Services by 2.5% during the third quarter. Bank of The West now owns 86,342 shares of the construction company’s stock valued at $2,882,000 after purchasing an additional 2,140 shares in the last quarter. Meeder Asset Management Inc. lifted its holdings in shares of Quanta Services by 82.7% during the third quarter. Meeder Asset Management Inc. now owns 75,185 shares of the construction company’s stock valued at $2,511,000 after purchasing an additional 34,035 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Quanta Services by 18.0% during the third quarter. Wells Fargo & Company MN now owns 594,280 shares of the construction company’s stock valued at $19,836,000 after purchasing an additional 90,780 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its holdings in shares of Quanta Services by 411.6% during the third quarter. Engineers Gate Manager LP now owns 31,209 shares of the construction company’s stock valued at $1,042,000 after purchasing an additional 25,109 shares in the last quarter. 85.60% of the stock is currently owned by hedge funds and other institutional investors.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Quanta Services (NYSE:PWR)

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