Quanta Services (NYSE:PWR) Shares Gap Up After Analyst Upgrade

Shares of Quanta Services, Inc. (NYSE:PWR) gapped up prior to trading on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $297.00 to $323.00. The stock had previously closed at $292.43, but opened at $311.42. JPMorgan Chase & Co. currently has a neutral rating on the stock. Quanta Services shares last traded at $296.67, with a volume of 476,957 shares trading hands.

Other research analysts also recently issued research reports about the stock. Robert W. Baird boosted their target price on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. TD Cowen upped their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Bank of America assumed coverage on shares of Quanta Services in a research note on Friday. They set a “buy” rating and a $407.00 price objective for the company. Truist Financial dropped their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Finally, Guggenheim assumed coverage on shares of Quanta Services in a research note on Wednesday, January 8th. They set a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $331.41.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently bought and sold shares of PWR. Alkeon Capital Management LLC raised its position in shares of Quanta Services by 62.5% during the 3rd quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company’s stock valued at $193,798,000 after acquiring an additional 250,000 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in Quanta Services in the fourth quarter worth $46,364,000. International Assets Investment Management LLC increased its position in Quanta Services by 29,655.3% in the third quarter. International Assets Investment Management LLC now owns 148,479 shares of the construction company’s stock worth $44,269,000 after buying an additional 147,980 shares during the period. Public Sector Pension Investment Board increased its position in Quanta Services by 81.7% in the third quarter. Public Sector Pension Investment Board now owns 279,089 shares of the construction company’s stock worth $83,210,000 after buying an additional 125,530 shares during the period. Finally, Meitav Investment House Ltd. acquired a new stake in Quanta Services in the third quarter worth $27,430,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Price Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The company has a 50-day simple moving average of $331.29 and a two-hundred day simple moving average of $300.43. The stock has a market capitalization of $43.52 billion, a price-to-earnings ratio of 54.40 and a beta of 1.06.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the prior year, the business posted $2.08 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, equities research analysts predict that Quanta Services, Inc. will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a $0.10 dividend. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, January 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio is presently 7.38%.

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.