Quanta Services (NYSE:PWR) Shares Gap Up Following Analyst Upgrade

Quanta Services, Inc. (NYSE:PWR)’s stock price gapped up prior to trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $297.00 to $323.00. The stock had previously closed at $292.43, but opened at $311.42. JPMorgan Chase & Co. currently has a neutral rating on the stock. Quanta Services shares last traded at $296.67, with a volume of 476,957 shares changing hands.

Other equities analysts have also issued research reports about the company. 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 on the stock. Citigroup upped their price target on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Truist Financial lowered their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. TD Cowen upped their target price on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Finally, Robert W. Baird raised their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $331.41.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp boosted its position in shares of Quanta Services by 1.6% during the second quarter. Mackenzie Financial Corp now owns 12,762 shares of the construction company’s stock worth $3,243,000 after purchasing an additional 204 shares in the last quarter. Creative Planning grew its stake in Quanta Services by 8.9% in the second quarter. Creative Planning now owns 20,700 shares of the construction company’s stock valued at $5,260,000 after acquiring an additional 1,694 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Quanta Services by 8.8% in the second quarter. NewEdge Advisors LLC now owns 8,806 shares of the construction company’s stock worth $2,238,000 after acquiring an additional 714 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Quanta Services by 3.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,525 shares of the construction company’s stock valued at $2,166,000 after purchasing an additional 300 shares in the last quarter. Finally, Sunbelt Securities Inc. grew its position in shares of Quanta Services by 4.6% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,700 shares of the construction company’s stock valued at $432,000 after purchasing an additional 74 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Trading Up 0.4 %

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 firm has a market capitalization of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. The business has a 50 day moving average of $330.55 and a 200-day moving average of $300.60.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion for 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 firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the business posted $2.08 earnings per share. Analysts anticipate that Quanta Services, Inc. will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This is an increase 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 0.14%. Quanta Services’s dividend payout ratio (DPR) is presently 7.38%.

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.