Quanta Services, Inc. (NYSE:PWR) Sees Large Drop in Short Interest

Key Points

• Quanta Services saw a significant 25.5% drop in short interest from July 15th to July 31st, reducing the total short interest to 3,770,000 shares.
• Analysts have mixed ratings on Quanta Services, with Citigroup raising its price target to $492.00 while other firms like Sanford C. Bernstein and BMO Capital Markets downgraded their ratings.
• The company reported $2.48 EPS for the quarter, surpassing analyst estimates, with revenues of $6.77 billion, indicating a 21.1% year-over-year growth.

Quanta Services, Inc. (NYSE:PWR - Get Free Report) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totaling 3,770,000 shares, adropof25.5% from the July 15th total of 5,060,000 shares. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is presently 3.3 days. Currently,2.6% of the company's stock are short sold. Currently,2.6% of the company's stock are short sold. Based on an average trading volume of 1,160,000 shares, the short-interest ratio is presently 3.3 days.

Analysts Set New Price Targets

Several analysts recently issued reports on PWR shares. Citigroup increased their price objective on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Sanford C. Bernstein lowered Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 price objective for the company. in a report on Monday, July 28th. UBS Group increased their price objective on Quanta Services from $413.00 to $474.00 and gave the stock a "buy" rating in a report on Friday, July 25th. BMO Capital Markets lowered Quanta Services from an "outperform" rating to a "market perform" rating and increased their price objective for the stock from $352.00 to $400.00 in a report on Thursday, July 17th. Finally, Northland Capmk lowered Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Thirteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Quanta Services presently has a consensus rating of "Moderate Buy" and a consensus target price of $392.45.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. bought a new position in shares of Quanta Services in the second quarter worth about $1,423,000. Anchor Investment Management LLC grew its position in Quanta Services by 290.0% during the second quarter. Anchor Investment Management LLC now owns 117 shares of the construction company's stock worth $44,000 after buying an additional 87 shares in the last quarter. State of Wyoming grew its position in Quanta Services by 1,028.8% during the second quarter. State of Wyoming now owns 7,687 shares of the construction company's stock worth $2,906,000 after buying an additional 7,006 shares in the last quarter. Old North State Trust LLC grew its position in Quanta Services by 34.1% during the second quarter. Old North State Trust LLC now owns 2,320 shares of the construction company's stock worth $877,000 after buying an additional 590 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position in Quanta Services by 0.7% during the second quarter. Geneos Wealth Management Inc. now owns 4,867 shares of the construction company's stock worth $1,840,000 after buying an additional 35 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Trading Down 1.0%

Quanta Services stock opened at $375.54 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The business's 50-day simple moving average is $384.41 and its 200-day simple moving average is $324.00. The firm has a market capitalization of $55.96 billion, a PE ratio of 58.13, a PEG ratio of 2.26 and a beta of 1.10. Quanta Services has a 52 week low of $227.08 and a 52 week high of $424.94.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.The firm's revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. Equities research analysts forecast that Quanta Services will post 9.34 earnings per share for the current year.

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.

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