Bank of America Begins Coverage on Quanta Services (NYSE:PWR)

Bank of America started coverage on shares of Quanta Services (NYSE:PWR) in a research note published on Friday, MarketBeat reports. The brokerage issued a buy rating and a $407.00 price target on the construction company’s stock.

Other research analysts have also issued reports about the company. Daiwa Capital Markets began coverage on Quanta Services in a research report on Friday, December 6th. They set an “outperform” rating and a $355.00 target price on the stock. Guggenheim assumed coverage on shares of Quanta Services in a research report on Wednesday, January 8th. They set a “neutral” rating on the stock. Truist Financial decreased their price target on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Citigroup raised their target price on Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, TD Cowen boosted their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Four 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $329.88.

Quanta Services Trading Up 0.8 %

Shares of NYSE:PWR opened at $357.55 on Friday. 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 market capitalization of $52.78 billion, a PE ratio of 65.97 and a beta of 1.06. Quanta Services has a 12-month low of $193.50 and a 12-month high of $365.88. The business’s fifty day simple moving average is $332.01 and its 200-day simple moving average is $300.23.

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

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a $0.10 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services’s dividend payout ratio is 7.38%.

Institutional Trading of Quanta Services

Several large investors have recently added to or reduced their stakes in PWR. Webster Bank N. A. raised its stake in Quanta Services by 4,050.0% during the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock worth $26,000 after purchasing an additional 81 shares during the period. Prestige Wealth Management Group LLC acquired a new stake in Quanta Services during the third quarter worth $30,000. Legacy Investment Solutions LLC acquired a new position in shares of Quanta Services in the 3rd quarter valued at $31,000. Sound Income Strategies LLC increased its position in shares of Quanta Services by 700.0% during the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after purchasing an additional 91 shares during the last quarter. Finally, Versant Capital Management Inc raised its holdings in Quanta Services by 62.5% in the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after buying an additional 45 shares during the period. 90.49% of the stock is currently owned by hedge funds and other 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.