Quanta Services Inc. (NYSE:PWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $31.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 8.47% from the stock’s current price.
According to Zacks, “Quanta Services’ core transmission and distribution operations continue to perform well. The company remains confident about a rebound in its end markets in coming quarters, on the back of solid growth drivers like an aging grid, shifting generation mix and implementation of clean energy initiatives. Also, its top line should benefit from the expected mobilization of a number of large diameter pipeline projects. The company’s strong presence in the mainline pipe markets and record backlog levels are also likely to aid its profitability in the coming quarters. However, Quanta Services has a choppy earnings beat history, having missed estimates twice for as many beats over the four trailing quarters. The company’s financials have been hurt due to declining volume in Electric segment, a challenging Canadian economy and persistent adverse weather conditions over the past few quarters.”
PWR has been the topic of a number of other research reports. Deutsche Bank AG restated a “buy” rating on shares of Quanta Services in a research report on Saturday, August 6th. Stifel Nicolaus upgraded shares of Quanta Services from a “hold” rating to a “buy” rating and set a $28.00 target price on the stock in a research report on Friday, August 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $26.00 price target on shares of Quanta Services in a research note on Monday, August 8th. Finally, Citigroup Inc. cut their price target on shares of Quanta Services from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Friday, August 5th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $27.05.
Quanta Services (NYSE:PWR) opened at 28.58 on Wednesday. The firm has a 50 day moving average of $26.25 and a 200 day moving average of $24.30. The firm has a market cap of $4.32 billion, a P/E ratio of 19.31 and a beta of 0.69. Quanta Services has a 1-year low of $16.77 and a 1-year high of $28.60.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 4th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.18. Quanta Services had a return on equity of 4.68% and a net margin of 3.38%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the business posted $0.24 EPS. The firm’s revenue was down 4.4% compared to the same quarter last year. On average, equities research analysts expect that Quanta Services will post $1.55 EPS for the current year.
In other news, EVP Randall C. Wisenbaker sold 5,121 shares of the firm’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $26.36, for a total value of $134,989.56. Following the transaction, the executive vice president now owns 40,193 shares of the company’s stock, valued at approximately $1,059,487.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.70% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Credit Agricole S A increased its stake in Quanta Services by 1.0% in the first quarter. Credit Agricole S A now owns 1,100,009 shares of the company’s stock valued at $24,815,000 after buying an additional 10,481 shares during the period. William Harris Investors Inc. increased its stake in Quanta Services by 2.0% in the first quarter. William Harris Investors Inc. now owns 313,021 shares of the company’s stock valued at $7,062,000 after buying an additional 6,050 shares during the period. C M Bidwell & Associates Ltd. purchased a new stake in Quanta Services during the first quarter valued at about $2,225,000. NN Investment Partners Holdings N.V. purchased a new stake in Quanta Services during the first quarter valued at about $2,202,000. Finally, JPMorgan Chase & Co. increased its stake in Quanta Services by 481.7% in the first quarter. JPMorgan Chase & Co. now owns 8,497,996 shares of the company’s stock valued at $191,716,000 after buying an additional 10,724,375 shares during the period. 87.80% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Quanta Services Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Quanta Services Inc. and related companies with MarketBeat.com's FREE daily email newsletter.