DA Davidson Boosts Quanta Services (NYSE:PWR) Price Target to $250.00

Quanta Services (NYSE:PWR) had its price objective increased by investment analysts at DA Davidson from $225.00 to $250.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. DA Davidson’s target price would indicate a potential downside of 7.50% from the stock’s current price.

Several other equities research analysts have also recently commented on PWR. Stifel Nicolaus lifted their target price on Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Truist Financial reaffirmed a “buy” rating and set a $305.00 price objective (up from $301.00) on shares of Quanta Services in a research note on Monday. Citigroup lifted their price objective on Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Robert W. Baird lifted their price objective on Quanta Services from $265.00 to $287.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, B. Riley lifted their price objective on Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average price target of $258.08.

Quanta Services Stock Up 0.3 %

Shares of NYSE PWR traded up $0.77 during mid-day trading on Tuesday, reaching $270.27. 272,371 shares of the company traded hands, compared to its average volume of 932,076. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.32 and a current ratio of 1.36. The stock has a market cap of $39.56 billion, a PE ratio of 52.53 and a beta of 1.10. The company’s fifty day moving average is $251.36 and its two-hundred day moving average is $215.69. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $271.97.

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

Insiders Place Their Bets

In other news, EVP Derrick A. Jensen sold 18,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the transaction, the executive vice president now owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Donald Wayne sold 8,842 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $242.27, for a total value of $2,142,151.34. Following the completion of the sale, the executive vice president now directly owns 44,129 shares in the company, valued at $10,691,132.83. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares of the company’s stock, valued at $62,476,452.50. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock valued at $11,270,215 over the last 90 days. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quanta Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Reaves W H & Co. Inc. bought a new position in shares of Quanta Services in the 1st quarter valued at $29,139,000. Forsta AP Fonden grew its holdings in Quanta Services by 9.9% during the 1st quarter. Forsta AP Fonden now owns 30,100 shares of the construction company’s stock worth $7,820,000 after acquiring an additional 2,700 shares during the period. Nvwm LLC grew its holdings in Quanta Services by 2.7% during the 1st quarter. Nvwm LLC now owns 3,486 shares of the construction company’s stock worth $906,000 after acquiring an additional 90 shares during the period. Allen Investment Management LLC grew its stake in shares of Quanta Services by 1,418.0% in the 1st quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock valued at $8,676,000 after buying an additional 31,196 shares during the period. Finally, PFG Advisors grew its stake in shares of Quanta Services by 14.1% in the 1st quarter. PFG Advisors now owns 6,394 shares of the construction company’s stock valued at $1,661,000 after buying an additional 790 shares during the period. 90.49% of the stock is currently owned by 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.