Analysts Set Quanta Services, Inc. (NYSE:PWR) Price Target at $324.25

Quanta Services, Inc. (NYSE:PWR) has been assigned a consensus rating of “Moderate Buy” from the eighteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $324.25.

Several analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Robert W. Baird raised their price objective on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. JPMorgan Chase & Co. initiated coverage on Quanta Services in a research report on Monday, October 7th. They set a “neutral” rating and a $297.00 target price on the stock. 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 report on Friday, November 1st. Finally, Truist Financial increased their target price on shares of Quanta Services from $358.00 to $399.00 and gave the company a “buy” rating in a research note on Thursday.

Hedge Funds Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently modified their holdings of PWR. State Street Corp boosted its holdings in shares of Quanta Services by 1.6% in the 3rd quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock valued at $1,713,956,000 after buying an additional 89,975 shares in the last quarter. Geode Capital Management LLC boosted its stake in Quanta Services by 1.4% in the third quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock valued at $1,027,887,000 after acquiring an additional 46,357 shares in the last quarter. Electron Capital Partners LLC grew its holdings in Quanta Services by 395.1% in the second quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after purchasing an additional 2,092,519 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Quanta Services by 17.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock worth $313,968,000 after purchasing an additional 186,306 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Quanta Services by 4.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,052 shares of the construction company’s stock worth $316,055,000 after purchasing an additional 43,715 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Trading Up 1.8 %

Shares of PWR stock opened at $328.41 on Friday. The stock’s 50-day moving average price is $324.92 and its 200-day moving average price is $289.17. Quanta Services has a 12-month low of $187.27 and a 12-month high of $350.19. The stock has a market capitalization of $48.48 billion, a price-to-earnings ratio of 60.59 and a beta of 1.03. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

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

Quanta Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is 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.