Quanta Services (NYSE:PWR) Lowered to "Market Perform" Rating by Northland Securities

Quanta Services (NYSE:PWR - Get Free Report) was downgraded by investment analysts at Northland Securities from an "outperform" rating to a "market perform" rating in a report released on Wednesday, Marketbeat Ratings reports. They currently have a $354.00 target price on the construction company's stock. Northland Securities' target price indicates a potential downside of 8.41% from the stock's previous close.

Several other equities analysts have also weighed in on the stock. Truist Financial reduced their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Citigroup cut their target price on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research note on Friday, April 25th. UBS Group set a $413.00 price target on shares of Quanta Services and gave the stock a "buy" rating in a research report on Thursday, June 12th. Evercore ISI upped their price target on Quanta Services from $331.00 to $360.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Finally, Stifel Nicolaus raised their price objective on Quanta Services from $306.00 to $363.00 and gave the stock a "buy" rating in a research note on Monday, May 5th. Eight research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $350.95.

Quanta Services Price Performance

Shares of Quanta Services stock traded up $13.10 on Wednesday, hitting $386.51. The company had a trading volume of 869,625 shares, compared to its average volume of 1,121,521. Quanta Services has a 52 week low of $227.08 and a 52 week high of $387.37. The company has a market cap of $57.31 billion, a PE ratio of 62.34, a PEG ratio of 2.90 and a beta of 1.08. The business has a 50-day simple moving average of $345.50 and a 200-day simple moving average of $308.25. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.06. The company had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The firm's revenue for the quarter was up 23.9% on a year-over-year basis. During the same period last year, the firm earned $1.41 EPS. Research analysts expect that Quanta Services will post 9.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Quanta Services

Several institutional investors and hedge funds have recently modified their holdings of PWR. Banque Transatlantique SA acquired a new stake in Quanta Services during the fourth quarter valued at $25,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Quanta Services during the 1st quarter worth about $25,000. Quarry LP acquired a new stake in shares of Quanta Services during the 4th quarter valued at about $26,000. WPG Advisers LLC bought a new stake in shares of Quanta Services in the 1st quarter valued at approximately $31,000. Finally, AlphaQuest LLC bought a new stake in shares of Quanta Services in the 1st quarter valued at approximately $35,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Company Profile

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.