Quanta Services (NYSE:PWR) Given New $395.00 Price Target at DA Davidson

Key Points

• DA Davidson has raised its price target for Quanta Services from $305.00 to $395.00, while maintaining a "neutral" rating, suggesting a potential downside of 0.05% from its current price.
• Quanta Services reported earnings of $2.48 per share for the last quarter, exceeding analysts' expectations and reflecting a year-over-year revenue increase of 21.1% to $6.77 billion.
• Market consensus shows a "Moderate Buy" rating from analysts, with 14 buy ratings and an average price target of $379.32, despite a recent downgrade from a "strong buy" rating by Northland Capital Markets.

Quanta Services (NYSE:PWR - Get Free Report) had its price objective lifted by equities researchers at DA Davidson from $305.00 to $395.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the construction company's stock. DA Davidson's price objective would suggest a potential downside of 0.05% from the company's current price.

Other analysts also recently issued reports about the stock. Northland Capmk downgraded shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. BMO Capital Markets cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and upped their price target for the stock from $352.00 to $400.00 in a research report on Thursday, July 17th. Citigroup increased their target price on shares of Quanta Services from $432.00 to $492.00 and gave the company a "buy" rating in a research report on Monday. Northland Securities lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target on the stock. in a research note on Wednesday, July 2nd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $379.32.

Quanta Services Stock Down 2.7%

Shares of PWR traded down $10.95 on Friday, hitting $395.18. 2,094,000 shares of the stock traded hands, compared to its average volume of 1,447,719. Quanta Services has a one year low of $227.08 and a one year high of $424.94. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31. The business has a 50 day simple moving average of $374.19 and a 200 day simple moving average of $318.48. The company has a market capitalization of $58.59 billion, a PE ratio of 63.74, a P/E/G ratio of 2.83 and a beta of 1.08.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The company had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter in the previous year, the company earned $1.90 EPS. Quanta Services's revenue for the quarter was up 21.1% on a year-over-year basis. As a group, equities analysts forecast that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quanta Services

Hedge funds and other institutional investors have recently bought and sold shares of the company. Old Port Advisors lifted its stake in Quanta Services by 0.7% in the second quarter. Old Port Advisors now owns 3,944 shares of the construction company's stock worth $1,491,000 after acquiring an additional 26 shares during the last quarter. Ashton Thomas Private Wealth LLC increased its holdings in shares of Quanta Services by 1.2% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 2,250 shares of the construction company's stock valued at $851,000 after acquiring an additional 26 shares during the period. Pinnacle Wealth Planning Services Inc. increased its stake in Quanta Services by 3.5% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company's stock valued at $242,000 after buying an additional 32 shares during the period. Frank Rimerman Advisors LLC increased its stake in Quanta Services by 1.1% in the 1st quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company's stock valued at $792,000 after buying an additional 34 shares during the period. Finally, Eastern Bank grew its stake in shares of Quanta Services by 23.5% during the 2nd quarter. Eastern Bank now owns 184 shares of the construction company's stock worth $70,000 after purchasing an additional 35 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

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.

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