Citigroup Boosts Quanta Services (NYSE:PWR) Price Target to $48.00

Quanta Services (NYSE:PWR) had its price objective boosted by Citigroup from $47.00 to $48.00 in a report published on Friday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other equities analysts have also commented on the stock. DA Davidson lowered shares of Quanta Services from a buy rating to a neutral rating in a research report on Tuesday, April 16th. ValuEngine lowered shares of Quanta Services from a hold rating to a sell rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $43.00.

Shares of PWR stock traded down $0.73 during mid-day trading on Friday, hitting $32.78. 61,173 shares of the stock traded hands, compared to its average volume of 1,063,075. The stock has a market capitalization of $4.76 billion, a PE ratio of 12.96 and a beta of 1.17. The stock’s fifty day moving average price is $38.00. Quanta Services has a 52-week low of $27.90 and a 52-week high of $41.00. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.95 and a current ratio of 1.97.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, August 1st. The construction company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.45). The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.89 billion. Quanta Services had a net margin of 2.80% and a return on equity of 11.41%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.59 earnings per share. As a group, sell-side analysts expect that Quanta Services will post 3.36 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Monday, July 1st were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.49%. The ex-dividend date was Friday, June 28th. Quanta Services’s payout ratio is currently 6.32%.

Several institutional investors have recently made changes to their positions in PWR. Rothschild & Co. Asset Management US Inc. purchased a new position in shares of Quanta Services in the 2nd quarter valued at approximately $67,213,000. Norges Bank purchased a new position in Quanta Services during the 4th quarter worth approximately $43,421,000. Los Angeles Capital Management & Equity Research Inc. raised its position in Quanta Services by 9,426.4% during the 1st quarter. Los Angeles Capital Management & Equity Research Inc. now owns 924,060 shares of the construction company’s stock worth $34,874,000 after buying an additional 914,360 shares during the last quarter. Neuberger Berman Group LLC raised its position in Quanta Services by 30.4% during the 1st quarter. Neuberger Berman Group LLC now owns 1,676,383 shares of the construction company’s stock worth $63,267,000 after buying an additional 390,856 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in Quanta Services by 45.7% during the 1st quarter. Wells Fargo & Company MN now owns 871,352 shares of the construction company’s stock worth $32,884,000 after buying an additional 273,427 shares during the last quarter. 87.85% of the stock is owned by hedge funds and other institutional investors.

About Quanta Services

Quanta Services, Inc provides specialty contracting services in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment designs, installs, upgrades, repairs, and maintains electric power transmission and distribution infrastructure, and substation facilities, as well as provides other engineering and technical services; designs, installs, maintains, and repairs commercial and industrial wiring; and operates a postsecondary educational institution.

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Analyst Recommendations for Quanta Services (NYSE:PWR)

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