Quanta Services (NYSE:PWR) Issues FY24 Earnings Guidance

Quanta Services (NYSE:PWR - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $8.15-8.65 for the period, compared to the consensus estimate of $8.34. The company issued revenue guidance of $22.5-23.0 billion, compared to the consensus revenue estimate of $22.51 billion.

Wall Street Analysts Forecast Growth

PWR has been the subject of several research analyst reports. Evercore ISI started coverage on Quanta Services in a report on Tuesday, February 13th. They issued an outperform rating and a $237.00 price objective for the company. Truist Financial started coverage on shares of Quanta Services in a research note on Thursday, March 14th. They issued a buy rating and a $301.00 price objective on the stock. Citigroup boosted their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a buy rating in a report on Monday, April 22nd. DA Davidson lifted their price target on shares of Quanta Services from $190.00 to $225.00 and gave the stock a neutral rating in a research report on Wednesday, February 28th. Finally, TD Cowen increased their price objective on Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $247.67.

Quanta Services Stock Down 0.4 %

NYSE:PWR traded down $1.01 during trading hours on Thursday, hitting $255.00. 1,442,457 shares of the company's stock traded hands, compared to its average volume of 934,334. Quanta Services has a twelve month low of $153.74 and a twelve month high of $265.82. The firm has a market cap of $37.33 billion, a P/E ratio of 51.10 and a beta of 1.10. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.44 and a current ratio of 1.47. The stock's fifty day moving average price is $249.81 and its two-hundred day moving average price is $213.59.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.21. The company had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.19 billion. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The firm's quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 EPS. On average, research analysts expect that Quanta Services will post 7.63 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. The ex-dividend date was Monday, April 8th. Quanta Services's dividend payout ratio is currently 7.19%.

Insider Buying and Selling at Quanta Services

In related news, EVP Derrick A. Jensen sold 18,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the transaction, the executive vice president now owns 263,725 shares of the company's stock, valued at $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Derrick A. Jensen sold 18,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the transaction, the executive vice president now directly owns 263,725 shares of the company's stock, valued at approximately $62,476,452.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the company's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the sale, the executive vice president now directly owns 40,065 shares of the company's stock, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. Insiders have sold 47,125 shares of company stock worth $11,270,215 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.

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.