JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Quanta Services (NYSE:PWR) Stock

Quanta Services (NYSE:PWR) had its target price hoisted by JPMorgan Chase & Co. from $297.00 to $323.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 8.12% from the stock’s previous close.

Several other equities research analysts also recently issued reports on PWR. Bank of America began coverage on Quanta Services in a report on Friday, January 24th. They set a “buy” rating and a $407.00 price objective on the stock. Daiwa Capital Markets began coverage on shares of Quanta Services in a research note on Friday, December 6th. They issued an “outperform” rating and a $355.00 price target for the company. UBS Group upped their price target on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Robert W. Baird raised their price objective on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Northland Securities restated an “outperform” rating and issued a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $330.06.

Quanta Services Price Performance

PWR opened at $298.73 on Tuesday. Quanta Services has a twelve month low of $193.52 and a twelve month high of $365.88. The firm has a market cap of $44.10 billion, a price-to-earnings ratio of 55.12 and a beta of 1.06. 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 company has a fifty day simple moving average of $329.88 and a 200 day simple moving average of $300.59.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $6.56 billion. During the same period last year, the firm earned $2.08 earnings per share. The company’s revenue was up 15.5% on a year-over-year basis. Equities research analysts expect that Quanta Services will post 7.9 EPS for the current fiscal year.

Institutional Trading of Quanta Services

A number of large investors have recently modified their holdings of PWR. Webster Bank N. A. boosted its stake in Quanta Services by 4,050.0% during the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after purchasing an additional 81 shares during the period. Legacy Investment Solutions LLC acquired a new position in shares of Quanta Services during the third quarter worth approximately $31,000. Prestige Wealth Management Group LLC bought a new position in Quanta Services in the 3rd quarter worth approximately $30,000. Sound Income Strategies LLC increased its position in Quanta Services by 700.0% in the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock valued at $33,000 after acquiring an additional 91 shares during the period. Finally, Versant Capital Management Inc raised its stake in Quanta Services by 62.5% during the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after acquiring an additional 45 shares in the last quarter. Institutional investors and hedge funds 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.