Evercore ISI Raises Quanta Services (NYSE:PWR) Price Target to $410.00

Key Points

• Evercore ISI has raised the price target for Quanta Services from $360.00 to $410.00, indicating a potential upside of 5.68% from its current stock price.
• Quanta Services reported earnings of $2.48 per share for the last quarter, surpassing analysts' expectations and showing a growth of 21.1% year-over-year in revenue.
• Currently, Quanta Services has an average rating of "Moderate Buy" from analysts, with mixed ratings ranging from hold to buy, and a mean price target of $392.45.

Quanta Services (NYSE:PWR - Free Report) had its price objective increased by Evercore ISI from $360.00 to $410.00 in a research note published on Friday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the construction company's stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $414.00 target price (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. TD Cowen lifted their target price on shares of Quanta Services from $355.00 to $425.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Northland Securities cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price objective for the company. in a research note on Wednesday, July 2nd. Truist Financial boosted their price objective on shares of Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Finally, Wall Street Zen raised shares of Quanta Services from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Twelve research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $392.45.

Quanta Services Price Performance

Shares of PWR traded up $5.68 during mid-day trading on Friday, reaching $389.80. 398,570 shares of the company's stock were exchanged, compared to its average volume of 1,422,864. The company has a market cap of $58.08 billion, a price-to-earnings ratio of 60.34, a PEG ratio of 2.30 and a beta of 1.10. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. Quanta Services has a 52-week low of $227.08 and a 52-week high of $424.94. The company has a 50-day simple moving average of $381.01 and a two-hundred day simple moving average of $320.39.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.44 by $0.04. The firm had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. Quanta Services'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 earned $1.90 EPS. On average, sell-side analysts predict that Quanta Services will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's dividend payout ratio is 6.19%.

Institutional Investors Weigh In On Quanta Services

A number of institutional investors have recently modified their holdings of PWR. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Quanta Services in the 2nd quarter valued at about $650,960,000. Nuveen LLC bought a new position in Quanta Services in the first quarter worth about $404,288,000. Capital World Investors raised its position in shares of Quanta Services by 14.1% during the 4th quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock worth $2,282,978,000 after purchasing an additional 891,977 shares during the period. GAMMA Investing LLC raised its position in shares of Quanta Services by 22,475.0% during the 1st quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock worth $207,261,000 after purchasing an additional 811,797 shares during the period. Finally, Amundi raised its position in shares of Quanta Services by 188.3% during the 1st quarter. Amundi now owns 1,206,577 shares of the construction company's stock worth $304,139,000 after purchasing an additional 788,079 shares during the period. Institutional investors and hedge funds own 90.49% of the company's stock.

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.