Quanta Services (NYSE:PWR) Shares Gap Up Following Strong Earnings

Quanta Services, Inc. (NYSE:PWR) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $292.07, but opened at $307.58. Quanta Services shares last traded at $288.63, with a volume of 861,290 shares traded.

The construction company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.12. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PWR shares. Bank of America began coverage on shares of Quanta Services in a report on Friday, January 24th. They issued a “buy” rating and a $407.00 price target on the stock. Northland Securities restated an “outperform” rating and set a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. JPMorgan Chase & Co. increased their price objective on Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Truist Financial decreased their target price on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Robert W. Baird lifted their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $330.50.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently made changes to their positions in PWR. Norges Bank purchased a new stake in shares of Quanta Services in the 4th quarter worth approximately $544,937,000. Capital World Investors boosted its holdings in Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company’s stock worth $2,282,978,000 after acquiring an additional 891,977 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Quanta Services in the fourth quarter worth $203,068,000. Bank of America Corp DE increased its holdings in shares of Quanta Services by 42.8% during the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company’s stock valued at $534,647,000 after acquiring an additional 506,722 shares in the last quarter. Finally, Voya Investment Management LLC raised its position in shares of Quanta Services by 210.8% in the 4th quarter. Voya Investment Management LLC now owns 550,598 shares of the construction company’s stock worth $174,016,000 after purchasing an additional 373,429 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Down 2.8 %

The company has a market cap of $41.93 billion, a P/E ratio of 52.40, a PEG ratio of 1.44 and a beta of 1.05. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The stock’s 50 day moving average is $318.48 and its 200-day moving average is $305.14.

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.