Citigroup Boosts Quanta Services (NYSE:PWR) Price Target to $348.00

Quanta Services (NYSE:PWR) had its price target upped by equities research analysts at Citigroup from $302.00 to $348.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s target price suggests a potential upside of 14.71% from the company’s current price.

Several other equities research analysts have also recently commented on PWR. Jefferies Financial Group assumed coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target for the company. Robert W. Baird boosted their price target on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. TD Cowen upped their target price on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Wolfe Research assumed coverage on Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 target price for the company. Finally, B. Riley upped their target price on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $290.23.

Quanta Services Stock Up 1.7 %

Shares of PWR traded up $4.98 during trading hours on Friday, reaching $303.38. The company’s stock had a trading volume of 378,310 shares, compared to its average volume of 908,640. The firm has a market cap of $44.41 billion, a price-to-earnings ratio of 58.85 and a beta of 1.01. Quanta Services has a 1-year low of $153.74 and a 1-year high of $306.50. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $269.36 and a two-hundred day moving average of $264.90.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.75 by $0.15. The business had revenue of $5.59 billion during 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 firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.47 EPS. As a group, research analysts predict that Quanta Services will post 7.82 EPS for the current fiscal year.

Insider Activity at Quanta Services

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is owned by corporate insiders.

Institutional Trading of Quanta Services

Large investors have recently made changes to their positions in the business. EntryPoint Capital LLC bought a new stake in shares of Quanta Services during the first quarter worth $25,000. Private Ocean LLC bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Salomon & Ludwin LLC bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Finally, Valley Wealth Managers Inc. bought a new stake in shares of Quanta Services during the second quarter worth $33,000. 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.