Citigroup Raises Quanta Services (NYSE:PWR) Price Target to $285.00

Quanta Services (NYSE:PWR) had its target price boosted by Citigroup from $275.00 to $285.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group upped their target price on Quanta Services from $227.00 to $259.00 and gave the company a buy rating in a research report on Monday, February 26th. Truist Financial started coverage on Quanta Services in a report on Thursday, March 14th. They issued a buy rating and a $301.00 price target for the company. DA Davidson boosted their price target on Quanta Services from $190.00 to $225.00 and gave the company a neutral rating in a report on Wednesday, February 28th. Stifel Nicolaus boosted their price target on Quanta Services from $237.00 to $252.00 and gave the company a buy rating in a report on Friday, February 23rd. Finally, TD Cowen boosted their price target on Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a report on Tuesday, February 27th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $247.67.

Quanta Services Stock Performance

Shares of PWR opened at $253.09 on Monday. The business’s 50 day moving average is $244.27 and its two-hundred day moving average is $210.41. Quanta Services has a 52-week low of $153.74 and a 52-week high of $265.82. The firm has a market cap of $37.05 billion, a price-to-earnings ratio of 50.52 and a beta of 1.11. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a return on equity of 16.46% and a net margin of 3.57%. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the prior year, the company posted $1.54 EPS. Quanta Services’s quarterly revenue was up 31.0% on a year-over-year basis. Analysts forecast that Quanta Services will post 7.63 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were paid a dividend of $0.09 per share. The ex-dividend date was Monday, April 8th. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. Quanta Services’s payout ratio is currently 7.19%.

Insiders Place Their Bets

In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the transaction, the executive vice president now owns 263,725 shares in the company, valued at approximately $62,476,452.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the completion of the transaction, the executive vice president now owns 263,725 shares in the company, valued at approximately $62,476,452.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now owns 40,065 shares of the company’s stock, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,125 shares of company stock worth $11,270,215. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PWR. CWM LLC raised its position in Quanta Services by 1.7% during the third quarter. CWM LLC now owns 4,153 shares of the construction company’s stock valued at $777,000 after buying an additional 70 shares during the period. AE Wealth Management LLC increased its position in Quanta Services by 22.0% in the 3rd quarter. AE Wealth Management LLC now owns 1,593 shares of the construction company’s stock worth $298,000 after purchasing an additional 287 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Quanta Services by 1,730.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 183 shares of the construction company’s stock worth $34,000 after purchasing an additional 173 shares during the last quarter. HB Wealth Management LLC increased its position in Quanta Services by 18.0% in the 3rd quarter. HB Wealth Management LLC now owns 2,522 shares of the construction company’s stock worth $472,000 after purchasing an additional 385 shares during the last quarter. Finally, Ziegler Capital Management LLC increased its position in Quanta Services by 27.0% in the 3rd quarter. Ziegler Capital Management LLC now owns 29,455 shares of the construction company’s stock worth $5,510,000 after purchasing an additional 6,256 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

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.