Quanta Services (NYSE:PWR) Earns “Buy” Rating from Truist Financial

Quanta Services (NYSE:PWR)‘s stock had its “buy” rating restated by research analysts at Truist Financial in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $305.00 price objective on the construction company’s stock, up from their previous price objective of $301.00. Truist Financial’s target price suggests a potential upside of 18.99% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. TD Cowen boosted their price target on shares of Quanta Services from $205.00 to $270.00 and gave the company an “outperform” rating in a report on Tuesday, February 27th. DA Davidson upped their target price on shares of Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a report on Wednesday, February 28th. Stifel Nicolaus upped their target price on shares of Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Citigroup upped their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Finally, KeyCorp started coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $256.15.

Quanta Services Price Performance

NYSE:PWR opened at $256.33 on Monday. The stock has a market cap of $37.52 billion, a P/E ratio of 49.68 and a beta of 1.10. Quanta Services has a one year low of $153.74 and a one year high of $265.82. The company has a fifty day moving average price of $250.69 and a 200 day moving average price of $214.98. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32.

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 firm had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The business’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.54 EPS. Analysts anticipate that Quanta Services will post 7.63 earnings per share for the current year.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the company’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 transaction, the executive vice president now directly owns 40,065 shares in the company, valued at approximately $10,494,626.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Margaret B. Shannon sold 8,515 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the sale, the director now directly owns 34,063 shares in the company, valued at approximately $8,172,394.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donald Wayne sold 1,101 shares of the stock in a transaction that occurred on 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 sale, 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. In the last three months, insiders have sold 47,125 shares of company stock worth $11,270,215. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Quanta Services

Hedge funds have recently bought and sold shares of the stock. Truist Financial Corp raised its holdings in shares of Quanta Services by 2.2% in the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock valued at $93,400,000 after purchasing an additional 9,421 shares during the last quarter. Carnegie Capital Asset Management LLC raised its holdings in shares of Quanta Services by 24.5% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock valued at $356,000 after purchasing an additional 325 shares during the last quarter. Gradient Investments LLC raised its holdings in shares of Quanta Services by 669,187.5% in the fourth quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock valued at $11,555,000 after purchasing an additional 53,535 shares during the last quarter. Saxon Interests Inc. acquired a new stake in shares of Quanta Services in the fourth quarter valued at approximately $1,352,000. Finally, Nordea Investment Management AB increased its holdings in Quanta Services by 8,297.7% during the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after buying an additional 901,548 shares during the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

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.