Oppenheimer Issues Pessimistic Forecast for Quanta Services (NYSE:PWR) Stock Price

Key Points

• Oppenheimer cut Quanta Services’ price target from $835 to $800 while maintaining an “outperform” rating, implying roughly 27.9% upside from the stock’s $625.55 price.
• Analyst sentiment remains broadly positive: Quanta has a “Moderate Buy” consensus rating and an average price target of $766.62, despite ratings ranging from “sell” to “buy.”
• Quanta reported strong quarterly results, with adjusted EPS of $6.06 beating estimates by $1.04 and revenue rising 57.4% year over year to $12.01 billion; institutional investors own approximately 90.5% of the stock.

Quanta Services (NYSE:PWR - Get Free Report) had its target price dropped by equities researchers at Oppenheimer from $835.00 to $800.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "outperform" rating on the construction company's stock. Oppenheimer's price objective points to a potential upside of 27.89% from the stock's current price.

Several other equities research analysts have also issued reports on PWR. Truist Financial lifted their price target on shares of Quanta Services from $945.00 to $960.00 and gave the company a "buy" rating in a research note on Tuesday, October 27th. Mizuho set a $684.00 price target on Quanta Services in a research note on Wednesday, October 7th. UBS Group reiterated a "buy" rating on shares of Quanta Services in a research note on Monday, August 17th. Benchmark downgraded shares of Quanta Services to a "sell" rating in a research report on Friday, July 31st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $862.00 price objective on shares of Quanta Services in a research report on Monday, October 5th. Twenty-three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $766.62.

Quanta Services Stock Up 0.8%

PWR traded up $4.82 during trading on Monday, reaching $625.55. The company had a trading volume of 416,450 shares, compared to its average volume of 1,141,581. The company has a market cap of $94.26 billion, a P/E ratio of 56.90, a PEG ratio of 1.84 and a beta of 1.29. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.16 and a quick ratio of 1.13. Quanta Services has a 12 month low of $408.36 and a 12 month high of $788.75. The business's fifty day moving average price is $632.80 and its 200 day moving average price is $623.16.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.02 by $1.04. The firm had revenue of $12.01 billion for the quarter, compared to the consensus estimate of $11.03 billion. Quanta Services had a return on equity of 23.56% and a net margin of 4.51%. The company's revenue for the quarter was up 57.4% on a year-over-year basis. During the same quarter last year, the business posted $3.33 EPS. Equities analysts anticipate that Quanta Services will post 15.36 EPS for the current year.

Hedge Funds Weigh In On Quanta Services

Institutional investors have recently modified their holdings of the company. Bartlett & CO. Wealth Management LLC raised its holdings in Quanta Services by 2.6% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 513 shares of the construction company's stock worth $282,000 after buying an additional 13 shares during the last quarter. Pincus Capital Management LP increased its position in shares of Quanta Services by 0.4% during the first quarter. Pincus Capital Management LP now owns 3,690 shares of the construction company's stock worth $2,026,000 after acquiring an additional 15 shares in the last quarter. SouthState Bank Corp raised its holdings in shares of Quanta Services by 23.5% in the 1st quarter. SouthState Bank Corp now owns 84 shares of the construction company's stock worth $46,000 after acquiring an additional 16 shares during the last quarter. Stiles Financial Services Inc raised its holdings in shares of Quanta Services by 1.8% in the 1st quarter. Stiles Financial Services Inc now owns 987 shares of the construction company's stock worth $542,000 after acquiring an additional 17 shares during the last quarter. Finally, Ethos Financial Group LLC lifted its position in Quanta Services by 1.8% in the 1st quarter. Ethos Financial Group LLC now owns 1,064 shares of the construction company's stock valued at $584,000 after acquiring an additional 19 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

About Quanta Services

Quanta Services, Inc is an infrastructure solutions provider headquartered in Houston, Texas. The company designs, installs, repairs, maintains and upgrades essential infrastructure for the electric power, communications, pipeline, industrial and energy industries.

Its services include electric transmission and distribution construction, substation and renewable-energy infrastructure, storm restoration, fiber-optic and wireless communications networks, natural gas and pipeline construction, and related engineering and maintenance work.

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