Quanta Services (NYSE:PWR) Now Covered by Wolfe Research

Wolfe Research began coverage on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage issued an outperform rating and a $313.00 price objective on the construction company’s stock.

A number of other research firms also recently issued reports on PWR. Truist Financial restated a buy rating and set a $319.00 target price (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Robert W. Baird increased their target price on Quanta Services from $287.00 to $288.00 and gave the company an outperform rating in a research note on Friday, July 19th. B. Riley boosted their target price on Quanta Services from $286.00 to $303.00 and gave the stock a buy rating in a research report on Friday, August 2nd. Citigroup increased their price target on shares of Quanta Services from $299.00 to $302.00 and gave the company a buy rating in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group upped their target price on shares of Quanta Services from $259.00 to $286.00 and gave the company a buy rating in a research note on Tuesday, May 28th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $286.69.

Quanta Services Stock Up 0.4 %

Shares of NYSE:PWR opened at $290.89 on Thursday. Quanta Services has a 12 month low of $153.74 and a 12 month high of $293.80. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $262.17 and its two-hundred day moving average price is $261.71. The firm has a market cap of $42.58 billion, a P/E ratio of 56.37 and a beta of 1.01.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The firm had revenue of $5.59 billion for 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 business’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 business earned $1.47 EPS. As a group, research analysts forecast that Quanta Services will post 7.82 EPS for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s payout ratio is 6.98%.

Insider Transactions at Quanta Services

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction on Friday, August 9th. The stock was 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 approximately $5,490,297.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s 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 owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,357 shares of company stock worth $53,115,572. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PWR. Nomura Holdings Inc. bought a new position in shares of Quanta Services in the fourth quarter valued at approximately $631,000. Wellington Management Group LLP grew its position in shares of Quanta Services by 581.3% in the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after purchasing an additional 99,840 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Quanta Services by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after purchasing an additional 191,334 shares during the period. Allen Investment Management LLC lifted its holdings in Quanta Services by 1,418.0% during the 1st quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock worth $8,676,000 after purchasing an additional 31,196 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its stake in Quanta Services by 20,298.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after purchasing an additional 1,052,496 shares in the last quarter. 90.49% of the stock is owned by institutional investors.

Quanta Services Company Profile

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.