Quanta Services (NYSE:PWR) Releases FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $8.15-8.65 for the period, compared to the consensus earnings per share estimate of $8.34. The company issued revenue guidance of $22.5-23.0 billion, compared to the consensus revenue estimate of $22.51 billion.

Wall Street Analysts Forecast Growth

PWR has been the topic of several recent research reports. Evercore ISI started coverage on Quanta Services in a research report on Tuesday, February 13th. They issued an outperform rating and a $237.00 price objective on the stock. TD Cowen upped their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the company an outperform rating in a research note on Tuesday, February 27th. Stifel Nicolaus increased their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a buy rating in a research report on Friday, February 23rd. The Goldman Sachs Group upped their price target on shares of Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a research report on Monday, February 26th. Finally, Truist Financial assumed 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. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Quanta Services currently has a consensus rating of Moderate Buy and a consensus target price of $255.85.

Quanta Services Trading Up 0.5 %

Shares of PWR traded up $1.33 during midday trading on Friday, hitting $256.33. The stock had a trading volume of 970,817 shares, compared to its average volume of 893,668. The business has a 50-day simple moving average of $250.69 and a two-hundred day simple moving average of $214.68. The company has a current ratio of 1.36, a quick ratio of 1.44 and a debt-to-equity ratio of 0.50. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $265.82. The firm has a market cap of $37.52 billion, a P/E ratio of 49.68 and a beta of 1.10.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.21. The business had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm’s revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 EPS. As a group, equities analysts forecast that Quanta Services will post 7.63 EPS for the current year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date was Monday, April 8th. Quanta Services’s dividend payout ratio is presently 6.98%.

Insider Buying and Selling at Quanta Services

In other news, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the sale, the executive vice president now directly owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Quanta Services news, Director Worthing Jackman sold 9,572 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total value of $2,271,531.32. Following the sale, the director now directly owns 7,486 shares in the company, valued at $1,776,502.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the business’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock worth $11,270,215 over the last three months. Corporate insiders own 1.10% 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.