Jefferies Financial Group Initiates Coverage on Quanta Services (NYSE:PWR)

Jefferies Financial Group initiated coverage on shares of Quanta Services (NYSE:PWR) in a report released on Wednesday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $256.00 price target on the construction company’s stock.

Several other analysts have also issued reports on the stock. Northland Securities upped their price target on shares of Quanta Services from $264.00 to $280.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Evercore ISI raised their target price on shares of Quanta Services from $255.00 to $288.00 and gave the company an outperform rating in a research note on Tuesday, May 7th. B. Riley raised their target price on shares of Quanta Services from $286.00 to $303.00 and gave the company a buy rating in a research note on Friday, August 2nd. Argus raised their target price on shares of Quanta Services from $285.00 to $310.00 and gave the company a buy rating in a research note on Thursday, May 30th. Finally, TD Cowen raised their target price on shares of Quanta Services from $270.00 to $280.00 and gave the company a buy rating in a research note on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $284.50.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $247.92 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The stock has a 50 day moving average price of $259.33 and a 200 day moving average price of $259.18. The stock has a market capitalization of $36.29 billion, a PE ratio of 48.05 and a beta of 1.01. Quanta Services has a 52 week low of $153.74 and a 52 week high of $286.87.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.47 EPS. Analysts predict that Quanta Services will post 7.78 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.15%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insiders Place Their Bets

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $260.03, for a total value of $8,841,020.00. Following the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at $7,541,390.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 over the last three months. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new position in Quanta Services in the first quarter valued at approximately $25,000. Private Ocean LLC bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Salomon & Ludwin LLC bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Finally, Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the second quarter worth $33,000. 90.49% of the stock is owned by institutional investors.

About Quanta Services

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company's Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.