Quanta Services (NYSE:PWR) Price Target Raised to $374.00

Quanta Services (NYSE:PWR) had its target price hoisted by Stifel Nicolaus from $343.00 to $374.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other analysts also recently issued reports on the company. TD Cowen lifted their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Truist Financial boosted their target price on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Daiwa America raised Quanta Services to a “strong-buy” rating in a research report on Friday, December 6th. Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective on the stock. Finally, Citigroup increased their target price on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $321.69.

Quanta Services Trading Up 0.5 %

NYSE PWR opened at $337.62 on Wednesday. Quanta Services has a 12 month low of $187.27 and a 12 month high of $350.19. The stock has a 50-day simple moving average of $322.72 and a 200 day simple moving average of $287.10. 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 company has a market capitalization of $49.84 billion, a PE ratio of 62.29 and a beta of 1.03.

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

Quanta Services Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s payout ratio is presently 6.64%.

Hedge Funds Weigh In On Quanta Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC bought a new stake in shares of Quanta Services during the 3rd quarter worth about $30,000. Legacy Investment Solutions LLC bought a new stake in shares of Quanta Services during the third quarter worth approximately $31,000. Valley Wealth Managers Inc. acquired a new position in shares of Quanta Services in the second quarter valued at approximately $33,000. Quest Partners LLC bought a new position in shares of Quanta Services during the second quarter worth approximately $35,000. Finally, CarsonAllaria Wealth Management Ltd. acquired a new stake in Quanta Services during the 2nd quarter worth approximately $38,000. 90.49% of the stock is 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.