Quanta Services (NYSE:PWR) Price Target Raised 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 target price boosted by Evercore ISI from $360.00 to $410.00 in a report published on Friday morning,Benzinga reports. They currently have an outperform rating on the construction company's stock.

Several other brokerages also recently commented on PWR. Sanford C. Bernstein downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 target price for the company. in a research note on Monday, July 28th. Truist Financial lifted their target price on Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research note on Monday, August 4th. Piper Sandler reiterated an "overweight" rating and set a $370.00 target price (up from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Stifel Nicolaus upped their price objective on Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a report on Monday, August 4th. Finally, B. Riley upped their price objective on Quanta Services from $300.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Twelve research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

Quanta Services Stock Down 0.3%

Shares of NYSE:PWR traded down $1.30 during trading on Friday, hitting $386.05. 655,319 shares of the company were exchanged, compared to its average volume of 1,261,717. The stock has a market cap of $57.53 billion, a price-to-earnings ratio of 59.76, a P/E/G ratio of 2.30 and a beta of 1.10. Quanta Services has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. The firm has a fifty day moving average price of $380.24 and a two-hundred day moving average price of $320.44. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last issued 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. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the previous year, the company posted $1.90 EPS. The firm's revenue for the quarter was up 21.1% compared to the same quarter last year. As a group, research analysts anticipate that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's dividend payout ratio is currently 6.19%.

Institutional Trading of Quanta Services

Several institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. increased its stake in shares of Quanta Services by 22.7% in the second quarter. Rockefeller Capital Management L.P. now owns 70,970 shares of the construction company's stock valued at $27,513,000 after buying an additional 13,130 shares during the period. Kingsview Wealth Management LLC increased its stake in shares of Quanta Services by 1.5% in the second quarter. Kingsview Wealth Management LLC now owns 9,075 shares of the construction company's stock valued at $3,431,000 after buying an additional 130 shares during the period. Citizens Financial Group Inc. RI increased its stake in shares of Quanta Services by 35.8% in the second quarter. Citizens Financial Group Inc. RI now owns 59,650 shares of the construction company's stock valued at $22,553,000 after buying an additional 15,720 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of Quanta Services by 4.2% in the second quarter. Avantax Advisory Services Inc. now owns 16,793 shares of the construction company's stock valued at $6,349,000 after buying an additional 682 shares during the period. Finally, Westwood Holdings Group Inc. increased its stake in shares of Quanta Services by 1.3% in the second quarter. Westwood Holdings Group Inc. now owns 7,496 shares of the construction company's stock valued at $2,834,000 after buying an additional 98 shares during the period. 90.49% of the stock is currently owned by 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.