Truist Financial Raises Quanta Services (NYSE:PWR) Price Target to $399.00

Quanta Services (NYSE:PWR) had its target price lifted by Truist Financial from $358.00 to $399.00 in a research note published on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other brokerages have also recently commented on PWR. Jefferies Financial Group started 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. TD Cowen upped their target price on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Stifel Nicolaus increased their target price on shares of Quanta Services from $343.00 to $374.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target for the company. Finally, UBS Group raised their price objective on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and an average price target of $324.25.

Quanta Services Trading Up 1.8 %

Shares of PWR opened at $328.41 on Thursday. The stock’s fifty day simple moving average is $324.92 and its 200-day simple moving average is $289.08. The firm has a market capitalization of $48.48 billion, a PE ratio of 60.59 and a beta of 1.03. Quanta Services has a 12-month low of $187.27 and a 12-month high of $350.19. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58.

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

Quanta Services Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a $0.10 dividend. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 7.38%.

Institutional Investors Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in Quanta Services by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company’s stock valued at $61,932,000 after purchasing an additional 11,012 shares during the last quarter. 1ST Source Bank raised its stake in Quanta Services by 25.3% in the third quarter. 1ST Source Bank now owns 1,939 shares of the construction company’s stock valued at $578,000 after buying an additional 391 shares during the period. Retirement Systems of Alabama lifted its position in shares of Quanta Services by 1.1% in the third quarter. Retirement Systems of Alabama now owns 32,655 shares of the construction company’s stock valued at $9,736,000 after buying an additional 363 shares during the last quarter. American Trust boosted its stake in shares of Quanta Services by 64.4% during the 3rd quarter. American Trust now owns 1,384 shares of the construction company’s stock worth $413,000 after acquiring an additional 542 shares during the period. Finally, Old North State Trust LLC increased its holdings in shares of Quanta Services by 7.3% during the 3rd quarter. Old North State Trust LLC now owns 1,459 shares of the construction company’s stock worth $435,000 after acquiring an additional 99 shares during the last quarter. 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.