Quanta Services (NYSE:PWR) Price Target Raised to $940.00 at Truist Financial

Key Points

• Truist Financial raised its price target on Quanta Services from $851 to $940 and kept a buy rating, implying about 35.84% upside from the current price.
• Other analysts remain broadly positive, with several recent target increases; the stock now carries a consensus Moderate Buy rating and an average price target of $755.18.
• Quanta Services recently posted strong quarterly results, beating EPS and revenue estimates, and also authorized a $1 billion share buyback program.

Quanta Services (NYSE:PWR - Get Free Report) had its target price hoisted by equities researchers at Truist Financial from $851.00 to $940.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the construction company's stock. Truist Financial's price target points to a potential upside of 35.84% from the company's current price.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald lifted their target price on Quanta Services from $630.00 to $901.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Roth Mkm increased their price target on shares of Quanta Services from $600.00 to $650.00 and gave the stock a "buy" rating in a report on Monday, April 6th. CICC Research initiated coverage on shares of Quanta Services in a research note on Thursday, May 21st. They set an "outperform" rating and a $872.00 price objective for the company. Robert W. Baird upped their target price on shares of Quanta Services from $606.00 to $777.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. Finally, B. Riley Financial reiterated a "neutral" rating on shares of Quanta Services in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $755.18.

Quanta Services Trading Down 3.9%

NYSE:PWR opened at $692.00 on Thursday. Quanta Services has a 1 year low of $363.01 and a 1 year high of $788.75. The stock's fifty day moving average price is $709.21 and its two-hundred day moving average price is $580.41. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09. The company has a market cap of $103.84 billion, a P/E ratio of 94.92, a P/E/G ratio of 2.83 and a beta of 1.21.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.64. The company had revenue of $7.87 billion during the quarter, compared to analysts' expectations of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm's quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. As a group, analysts expect that Quanta Services will post 12.81 EPS for the current year.

Quanta Services declared that its Board of Directors has approved a stock buyback program on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insider Activity at Quanta Services

In related news, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $756.98, for a total value of $3,027,920.00. Following the sale, the chief accounting officer directly owned 8,080 shares of the company's stock, valued at $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the sale, the chief executive officer owned 556,911 shares of the company's stock, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 159,992 shares of company stock worth $123,244,714. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC lifted its stake in Quanta Services by 321.4% during the fourth quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company's stock worth $25,000 after purchasing an additional 45 shares during the last quarter. Darwin Wealth Management LLC bought a new position in shares of Quanta Services during the 2nd quarter valued at about $26,000. Boreal Capital Management LLC purchased a new position in shares of Quanta Services during the 1st quarter valued at about $27,000. Flagship Harbor Advisors LLC bought a new stake in Quanta Services in the 4th quarter worth approximately $28,000. Finally, MV Capital Management Inc. bought a new stake in Quanta Services in the 4th quarter worth approximately $30,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

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