Truist Financial Raises Quanta Services (NYSE:PWR) Price Target to $358.00

Quanta Services (NYSE:PWR) had its price objective lifted by Truist Financial from $319.00 to $358.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities analysts also recently issued reports on the stock. B. Riley raised their price objective 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. Robert W. Baird raised their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an outperform rating in a report on Friday, July 19th. Jefferies Financial Group began coverage on shares of Quanta Services in a report on Wednesday, September 4th. They issued a hold rating and a $256.00 price objective on the stock. TD Cowen raised their price objective on shares of Quanta Services from $270.00 to $280.00 and gave the stock a buy rating in a report on Thursday, August 8th. Finally, Citigroup increased their target price on shares of Quanta Services from $302.00 to $348.00 and gave the stock a buy rating in a report on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $299.93.

Quanta Services Price Performance

Shares of NYSE:PWR opened at $309.42 on Wednesday. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $312.52. The business has a 50-day simple moving average of $275.77 and a two-hundred day simple moving average of $267.31. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market cap of $45.30 billion, a price-to-earnings ratio of 59.97 and a beta of 1.01.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm earned $1.47 EPS. Quanta Services’s revenue was up 10.8% on a year-over-year basis. On average, analysts expect that Quanta Services will post 7.81 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s payout ratio is 6.98%.

Insiders Place Their Bets

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services 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 owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. This represents a 0.00 % decrease in their position. 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 in the last quarter. 1.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Quanta Services

Large investors have recently modified their holdings of the stock. EntryPoint Capital LLC bought a new position in shares of Quanta Services during the 1st quarter valued at approximately $25,000. Private Ocean LLC bought a new position in Quanta Services in the 1st quarter valued at $26,000. Salomon & Ludwin LLC bought a new position in Quanta Services in the 1st quarter valued at $26,000. Cambridge Trust Co. bought a new position in Quanta Services in the 1st quarter valued at $26,000. Finally, Valley Wealth Managers Inc. bought a new position in Quanta Services in the 2nd quarter valued at $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.