TD Cowen Raises Quanta Services (NYSE:PWR) Price Target to $335.00

Quanta Services (NYSE:PWR) had its target price hoisted by TD Cowen from $280.00 to $335.00 in a note issued to investors on Tuesday, MarketBeat.com reports. The firm currently has a “buy” rating on the construction company’s stock. TD Cowen’s target price points to a potential upside of 7.30% from the stock’s previous close.

Several other research analysts also recently commented on the company. Northland Securities lifted their target price on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. initiated coverage on Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 price objective on the stock. Wolfe Research began coverage on shares of Quanta Services in a report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price target for the company. Robert W. Baird lifted their price target on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, Truist Financial increased their target price on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $303.86.

Quanta Services Stock Up 2.2 %

Shares of PWR stock opened at $312.22 on Tuesday. The company has a market capitalization of $45.71 billion, a price-to-earnings ratio of 60.51 and a beta of 1.01. Quanta Services has a 12-month low of $153.74 and a 12-month high of $313.76. The firm has a fifty day moving average of $278.34 and a 200-day moving average of $268.04. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. The business’s revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Quanta Services will post 7.81 earnings per share for the current fiscal year.

Insider Activity

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction that occurred 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 transaction, the insider now directly owns 10,631 shares in the company, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock valued at $53,115,572 in the last ninety days. 1.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quanta Services

Large investors have recently made changes to their positions in the stock. Centaurus Financial Inc. boosted its holdings in Quanta Services by 28.9% in the 4th quarter. Centaurus Financial Inc. now owns 1,985 shares of the construction company’s stock valued at $428,000 after purchasing an additional 445 shares during the period. Wellington Management Group LLP grew its stake in Quanta Services by 581.3% in the 4th quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after buying an additional 99,840 shares in the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of Quanta Services during the 4th quarter valued at $1,347,000. Nomura Holdings Inc. purchased a new position in Quanta Services in the fourth quarter worth $631,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Quanta Services in the fourth quarter valued at $34,000. 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.