Quanta Services (NYSE:PWR) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Quanta Services (NYSE:PWR - Get Free Report) had its price objective increased by investment analysts at JPMorgan Chase & Co. from $345.00 to $392.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the construction company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 1.24% from the company's previous close.

A number of other brokerages also recently commented on PWR. Northland Securities downgraded shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price on the stock. in a research note on Wednesday, July 2nd. Stifel Nicolaus boosted their price objective on shares of Quanta Services from $363.00 to $411.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Citigroup dropped their price objective on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Piper Sandler reissued an "overweight" rating and issued a $370.00 price objective (up from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Finally, Evercore ISI upped their target price on shares of Quanta Services from $331.00 to $360.00 and gave the company an "outperform" rating in a report on Friday, May 2nd. Ten investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $359.20.

Quanta Services Stock Performance

Shares of NYSE PWR traded down $11.45 during midday trading on Tuesday, reaching $387.21. The company's stock had a trading volume of 249,519 shares, compared to its average volume of 1,425,668. The firm has a 50 day moving average price of $362.17 and a 200-day moving average price of $312.85. 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 has a 12-month low of $227.08 and a 12-month high of $405.43. The stock has a market capitalization of $57.41 billion, a P/E ratio of 62.45, a PEG ratio of 2.77 and a beta of 1.08.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.72 by $0.06. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $5.88 billion. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The company's revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 EPS. As a group, equities analysts predict that Quanta Services will post 9.34 earnings per share for the current year.

Institutional Investors Weigh In On Quanta Services

Several institutional investors have recently modified their holdings of the company. Brighton Jones LLC purchased a new stake in shares of Quanta Services in the fourth quarter valued at about $298,000. Teacher Retirement System of Texas boosted its stake in Quanta Services by 40.7% during the 4th quarter. Teacher Retirement System of Texas now owns 1,379 shares of the construction company's stock valued at $436,000 after acquiring an additional 399 shares during the last quarter. AXQ Capital LP acquired a new stake in shares of Quanta Services in the 4th quarter worth about $215,000. LPL Financial LLC increased its stake in Quanta Services by 24.8% during the 4th quarter. LPL Financial LLC now owns 200,147 shares of the construction company's stock valued at $63,256,000 after buying an additional 39,764 shares during the period. Finally, Corebridge Financial Inc. boosted its position in shares of Quanta Services by 0.4% during the 4th quarter. Corebridge Financial Inc. now owns 37,905 shares of the construction company's stock valued at $11,980,000 after purchasing an additional 156 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

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.

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