TD Cowen Raises Quanta Services (NYSE:PWR) Price Target to $425.00

Key Points

• TD Cowen raised its price target for Quanta Services from $355.00 to $425.00, indicating a potential upside of 8.09% from its current stock price, and maintains a "buy" rating.
• The stock has an average rating of "Moderate Buy" from analysts, with 14 out of 26 analysts issuing buy ratings.
• Quanta Services reported $2.48 earnings per share (EPS) for the last quarter, exceeding analysts' estimates and demonstrating a year-over-year revenue growth of 21.1%.

Quanta Services (NYSE:PWR - Get Free Report) had its price objective hoisted by TD Cowen from $355.00 to $425.00 in a research report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a "buy" rating on the construction company's stock. TD Cowen's target price suggests a potential upside of 10.09% from the company's current price.

Several other research analysts have also recently issued reports on PWR. Citigroup raised their target price on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Piper Sandler restated an "overweight" rating and set a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research report on Tuesday, May 27th. Northland Securities cut Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price objective on the stock. in a research note on Wednesday, July 2nd. Stifel Nicolaus upped their price target on shares of Quanta Services from $411.00 to $432.00 and gave the company a "buy" rating in a report on Monday, August 4th. Finally, The Goldman Sachs Group reissued a "buy" rating and set a $414.00 target price (up from $364.00) on shares of Quanta Services in a research note on Wednesday, June 4th. Twelve investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Trading Down 0.3%

NYSE PWR traded down $1.30 during trading on Tuesday, hitting $386.05. The company had a trading volume of 655,319 shares, compared to its average volume of 1,261,717. The company's fifty day moving average is $380.24 and its 200-day moving average is $320.69. The company has a market cap of $57.53 billion, a price-to-earnings ratio of 59.76, a price-to-earnings-growth ratio of 2.30 and a beta of 1.10. 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 has a one year low of $227.08 and a one year high of $424.94.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same period last year, the company posted $1.90 EPS. Quanta Services's revenue was up 21.1% on a year-over-year basis. On average, sell-side analysts predict that Quanta Services will post 9.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PWR. Vanguard Group Inc. lifted its stake in shares of Quanta Services by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,417,299 shares of the construction company's stock worth $4,427,129,000 after acquiring an additional 407,878 shares in the last quarter. Capital World Investors boosted its stake in Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after acquiring an additional 891,977 shares during the period. Geode Capital Management LLC increased its position in Quanta Services by 4.1% in the second quarter. Geode Capital Management LLC now owns 3,873,293 shares of the construction company's stock worth $1,458,362,000 after buying an additional 152,823 shares during the period. Invesco Ltd. boosted its stake in Quanta Services by 3.7% during the 4th quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock valued at $604,871,000 after purchasing an additional 68,565 shares during the period. Finally, Kingstone Capital Partners Texas LLC acquired a new stake in Quanta Services in the 2nd quarter valued at approximately $650,960,000. Hedge funds and other institutional investors 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.