Quanta Services (NYSE:PWR) Announces Quarterly Earnings Results, Beats Expectations By $0.26 EPS

Quanta Services (NYSE:PWR) issued its earnings results on Thursday. The construction company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26, Briefing.com reports. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the previous year, the firm earned $2.08 earnings per share. Quanta Services’s quarterly revenue was up 15.5% compared to the same quarter last year. Quanta Services updated its FY24 guidance to $8.50-8.80 EPS and its FY 2024 guidance to 8.500-8.800 EPS.

Quanta Services Stock Down 2.6 %

NYSE:PWR traded down $7.98 during mid-day trading on Thursday, hitting $303.65. The stock had a trading volume of 784,719 shares, compared to its average volume of 884,573. Quanta Services has a twelve month low of $153.74 and a twelve month high of $317.91. The stock has a 50-day simple moving average of $289.12 and a two-hundred day simple moving average of $272.10. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $44.74 billion, a PE ratio of 57.32 and a beta of 1.01.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.79%.

Insiders Place Their Bets

In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction 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 transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PWR. Citigroup upped their price objective on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a report on Friday, October 4th. Robert W. Baird increased their price target on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. TD Cowen boosted their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 target price for the company. Finally, Northland Securities boosted their price target on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $308.07.

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.