JPMorgan Chase & Co. Initiates Coverage on Quanta Services (NYSE:PWR)

Stock analysts at JPMorgan Chase & Co. started coverage on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $297.00 price target on the construction company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 3.78% from the stock’s previous close.

PWR has been the subject of several other reports. Jefferies Financial Group began coverage on shares of Quanta Services in a report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective for the company. TD Cowen raised their price target on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Robert W. Baird boosted their price objective on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Truist Financial restated a “buy” rating and issued a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Finally, B. Riley increased their price target on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $290.71.

Quanta Services Stock Up 0.4 %

Shares of NYSE:PWR opened at $308.67 on Monday. The business’s 50 day simple moving average is $272.51 and its two-hundred day simple moving average is $266.31. Quanta Services has a 52-week low of $153.74 and a 52-week high of $312.52. 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 firm has a market cap of $45.19 billion, a P/E ratio of 59.82 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 analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the firm earned $1.47 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, research analysts forecast that Quanta Services will post 7.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated 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 directly owns 21,286 shares in the company, valued at $5,490,297.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction on Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the sale, the chief operating officer now owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The trade was a 0.00 % decrease in their position. 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. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in Quanta Services during the 1st quarter worth approximately $25,000. Private Ocean LLC bought a new stake in shares of Quanta Services in the first quarter valued at about $26,000. Salomon & Ludwin LLC purchased a new stake in Quanta Services in the first quarter worth about $26,000. Cambridge Trust Co. purchased a new position in Quanta Services during the first quarter valued at approximately $26,000. Finally, Valley Wealth Managers Inc. purchased a new position in shares of Quanta Services in the 2nd quarter valued at $33,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

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.