Quanta Services (NYSE:PWR) Receives New Coverage from Analysts at Wolfe Research

Wolfe Research initiated coverage on shares of Quanta Services (NYSE:PWR) in a research note released on Thursday morning, MarketBeat.com reports. The firm issued an outperform rating and a $313.00 price objective on the construction company’s stock.

A number of other equities research analysts have also recently commented on PWR. Citigroup raised their target price on shares of Quanta Services from $299.00 to $302.00 and gave the stock a buy rating in a research note on Monday, July 22nd. The Goldman Sachs Group raised their price objective on shares of Quanta Services from $259.00 to $286.00 and gave the company a buy rating in a research report on Tuesday, May 28th. B. Riley upped their target price on shares of Quanta Services from $286.00 to $303.00 and gave the stock a buy rating in a report on Friday, August 2nd. Truist Financial reiterated a buy rating and issued a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Finally, Northland Securities boosted their price objective on Quanta Services from $264.00 to $280.00 and gave the company an outperform rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Quanta Services has a consensus rating of Moderate Buy and a consensus target price of $286.69.

Quanta Services Trading Up 6.5 %

NYSE:PWR opened at $289.74 on Thursday. Quanta Services has a one year low of $153.74 and a one year high of $291.71. The business has a fifty day moving average price of $261.73 and a 200-day moving average price of $261.09. The firm has a market capitalization of $42.69 billion, a price-to-earnings ratio of 56.15 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25.

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

Quanta Services Announces Dividend

The firm also recently declared 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. This represents a $0.36 annualized dividend and a yield of 0.12%. The ex-dividend date of this dividend is Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.98%.

Insider Activity at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction 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 completion of the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the sale, the chief executive officer now directly owns 593,402 shares in the company, valued at $155,595,938.42. The disclosure for this sale can be found here. Insiders have sold a total of 202,357 shares of company stock valued at $53,115,572 over the last 90 days. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of Quanta Services

A number of institutional investors have recently bought and sold shares of the stock. Aveo Capital Partners LLC raised its stake in shares of Quanta Services by 11.0% in the fourth quarter. Aveo Capital Partners LLC now owns 1,313 shares of the construction company’s stock valued at $283,000 after acquiring an additional 130 shares during the period. Balentine LLC bought a new stake in Quanta Services in the fourth quarter worth about $201,000. Wells Fargo & Company MN raised its holdings in shares of Quanta Services by 19.8% in the fourth quarter. Wells Fargo & Company MN now owns 174,907 shares of the construction company’s stock worth $37,745,000 after buying an additional 28,874 shares during the period. Assetmark Inc. grew its position in Quanta Services by 11.7% in the 4th quarter. Assetmark Inc. now owns 7,925 shares of the construction company’s stock valued at $1,710,000 after acquiring an additional 827 shares during the last quarter. Finally, Dai ichi Life Insurance Company Ltd increased its stake in Quanta Services by 4.3% in the fourth quarter. Dai ichi Life Insurance Company Ltd now owns 24,169 shares of the construction company’s stock worth $5,216,000 after purchasing an additional 1,000 shares during the period. 90.49% of the stock is currently owned by institutional investors.

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.