Truist Financial Cuts Quanta Services (NYSE:PWR) Price Target to $398.00

Quanta Services (NYSE:PWR) had its price target decreased by Truist Financial from $399.00 to $398.00 in a research report sent to investors on Thursday,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other brokerages have also recently commented on PWR. Northland Securities restated an “outperform” rating and set a $328.00 target price (up from $280.00) on shares of Quanta Services in a report on Friday, November 1st. TD Cowen lifted their price objective on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Daiwa Capital Markets initiated coverage on Quanta Services in a research note on Friday, December 6th. They issued an “outperform” rating and a $355.00 price objective for the company. Robert W. Baird lifted their price objective on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Guggenheim initiated coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a “neutral” rating for the company. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and a consensus target price of $324.19.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $337.10 on Thursday. The business has a 50-day moving average of $329.35 and a 200 day moving average of $296.48. Quanta Services has a 12 month low of $187.27 and a 12 month high of $350.19. The stock has a market capitalization of $49.76 billion, a price-to-earnings ratio of 62.20 and a beta of 1.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same period last year, the business posted $2.08 EPS. Quanta Services’s revenue for the quarter was up 15.5% on a year-over-year basis. As a group, sell-side analysts forecast that Quanta Services will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.10 per share. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s payout ratio is 7.38%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Quanta Services by 1.6% during the third quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock worth $1,713,956,000 after buying an additional 89,975 shares during the period. Geode Capital Management LLC increased its position in Quanta Services by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock worth $1,027,887,000 after buying an additional 46,357 shares during the period. Electron Capital Partners LLC increased its position in Quanta Services by 395.1% during the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after buying an additional 2,092,519 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Quanta Services by 4.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,052 shares of the construction company’s stock worth $316,055,000 after buying an additional 43,715 shares during the period. Finally, Swedbank AB grew its stake in shares of Quanta Services by 4.6% in the 3rd quarter. Swedbank AB now owns 960,081 shares of the construction company’s stock valued at $286,248,000 after purchasing an additional 42,579 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

About Quanta Services

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.