Quanta Services (NYSE:PWR) Price Target Cut to $371.00 by Analysts at Citigroup

Quanta Services (NYSE:PWR) had its target price dropped by investment analysts at Citigroup from $394.00 to $371.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s price objective would indicate a potential upside of 19.86% from the stock’s current price.

Several other research analysts have also recently issued reports on PWR. Stifel Nicolaus increased their price target on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Northland Securities restated an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Truist Financial cut their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Robert W. Baird boosted their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Daiwa Capital Markets began coverage on shares of Quanta Services in a report on Friday, December 6th. They issued an “outperform” rating and a $355.00 price target for the company. Four 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. Based on data from MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and an average price target of $330.06.

Quanta Services Trading Up 3.9 %

Shares of PWR stock opened at $309.52 on Wednesday. The company has a market capitalization of $45.69 billion, a P/E ratio of 57.11 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 business’s 50 day moving average is $329.27 and its two-hundred day moving average is $300.65. Quanta Services has a twelve month low of $193.52 and a twelve month high of $365.88.

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

Institutional Investors Weigh In On Quanta Services

Several hedge funds have recently modified their holdings of the company. Versor Investments LP purchased a new position in shares of Quanta Services during the third quarter valued at approximately $406,000. Principal Financial Group Inc. lifted its stake in shares of Quanta Services by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock worth $61,932,000 after purchasing an additional 11,012 shares during the period. Asio Capital LLC purchased a new stake in shares of Quanta Services in the third quarter valued at $2,715,000. Waverton Investment Management Ltd increased its stake in Quanta Services by 6.5% in the third quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after purchasing an additional 2,557 shares during the last quarter. Finally, Synovus Financial Corp lifted its position in Quanta Services by 34.0% during the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock worth $2,148,000 after buying an additional 1,830 shares during the period. 90.49% of the stock is owned by institutional investors and hedge funds.

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.