Quanta Services (NYSE:PWR) Stock Price Target Lowered at Piper Sandler

Key Points

• Piper Sandler lowered its price target on Quanta Services to $701 from $714 but maintained an “overweight” rating, implying 20.26% upside from the prior close. Analysts’ average rating is “Moderate Buy,” with an average target of $763.31.
• Quanta reported quarterly earnings of $6.06 per share, beating estimates of $5.02, while revenue of $12.01 billion exceeded forecasts and rose 57.4% year over year.
• The stock climbed 7.8% on Monday to $582.90.

Quanta Services (NYSE:PWR - Get Free Report) had its price objective cut by equities researchers at Piper Sandler from $714.00 to $701.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the construction company's stock. Piper Sandler's target price would suggest a potential upside of 20.26% from the stock's previous close.

Several other equities research analysts also recently commented on PWR. Citigroup boosted their price objective on Quanta Services from $871.00 to $882.00 and gave the company a "buy" rating in a report on Friday, October 30th. Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a report on Saturday, October 31st. UBS Group reissued a "buy" rating on shares of Quanta Services in a research report on Monday, August 17th. JPMorgan Chase & Co. lowered shares of Quanta Services from an "overweight" rating to a "neutral" rating and set a $714.00 price target for the company. in a research note on Tuesday, July 21st. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Quanta Services to a "sell" rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and an average target price of $763.31.

Quanta Services Trading Up 7.8%

PWR traded up $42.00 during trading on Monday, hitting $582.90. The company's stock had a trading volume of 462,044 shares, compared to its average volume of 1,177,616. The firm has a market capitalization of $87.83 billion, a P/E ratio of 52.75, a PEG ratio of 1.38 and a beta of 1.29. Quanta Services has a twelve month low of $408.36 and a twelve month high of $788.75. The stock's fifty day moving average price is $628.83 and its 200-day moving average price is $626.39. The company has a quick ratio of 1.13, a current ratio of 1.16 and a debt-to-equity ratio of 0.60.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The construction company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.02 by $1.04. The company had revenue of $12.01 billion during the quarter, compared to the consensus estimate of $11.03 billion. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The company's quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $3.33 EPS. Analysts anticipate that Quanta Services will post 16.61 EPS for the current year.

Institutional Trading of Quanta Services

Several institutional investors have recently made changes to their positions in PWR. Boreal Capital Management LLC bought a new stake in Quanta Services during the first quarter worth approximately $27,000. Cornerstone Financial Management LLC lifted its stake in shares of Quanta Services by 70.4% in the 2nd quarter. Cornerstone Financial Management LLC now owns 46 shares of the construction company's stock valued at $33,000 after purchasing an additional 19 shares during the last quarter. JNBA Financial Advisors lifted its stake in shares of Quanta Services by 1,733.3% in the 2nd quarter. JNBA Financial Advisors now owns 55 shares of the construction company's stock valued at $40,000 after purchasing an additional 52 shares during the last quarter. Joseph Group Capital Management boosted its holdings in shares of Quanta Services by 39.1% in the 3rd quarter. Joseph Group Capital Management now owns 64 shares of the construction company's stock worth $41,000 after purchasing an additional 18 shares during the period. Finally, SouthState Bank Corp boosted 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 purchasing an additional 16 shares during the period. Institutional investors own 90.49% of the company's stock.

About Quanta Services

Quanta Services, Inc provides specialized contracting and infrastructure services to the electric power, energy and communications industries. Its work spans the planning, design, construction, repair and maintenance of essential infrastructure.

The company's services include electric transmission and distribution lines, substations, renewable energy facilities, natural gas and pipeline systems, and communications networks. Quanta supports projects across the infrastructure lifecycle, from initial development and construction to ongoing upgrades and maintenance.

Founded in 1997, Quanta serves customers primarily in North America, with operations also extending to Australia and other international markets.

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