Quanta Services (NYSE:PWR) Hits New 12-Month High at $288.41

Quanta Services, Inc. (NYSE:PWR) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $288.41 and last traded at $287.95, with a volume of 343465 shares changing hands. The stock had previously closed at $272.06.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Northland Securities boosted their target price on shares of Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. 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 report on Monday, August 5th. TD Cowen increased their price target on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Jefferies Financial Group assumed coverage on shares of Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective on the stock. Finally, Citigroup increased their target price on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and an average target price of $286.69.

Quanta Services Stock Performance

The business has a 50 day moving average of $261.22 and a 200-day moving average of $260.89. 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 company has a market capitalization of $42.69 billion, a P/E ratio of 52.72 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.15. The firm had revenue of $5.59 billion for the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.47 earnings per share. On average, sell-side analysts predict that Quanta Services, Inc. will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Buying and Selling

In related news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 over the last ninety days. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Quanta Services

Institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in Quanta Services in the first quarter worth $25,000. Private Ocean LLC bought a new stake in shares of Quanta Services in the 1st quarter valued at about $26,000. Salomon & Ludwin LLC purchased a new stake in Quanta Services during the 1st quarter valued at about $26,000. Cambridge Trust Co. bought a new position in Quanta Services during the 1st quarter worth approximately $26,000. Finally, Valley Wealth Managers Inc. purchased a new position in Quanta Services in the 2nd quarter worth approximately $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.