Truist Financial Cuts Quanta Services (NYSE:PWR) Price Target to $324.00

Quanta Services (NYSE:PWR) had its price objective decreased by Truist Financial from $398.00 to $324.00 in a research note released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their price objective on shares of Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a report on Tuesday, January 28th. Roth Mkm started coverage on shares of Quanta Services in a report on Friday, February 21st. They set a “buy” rating and a $350.00 price target for the company. Stifel Nicolaus dropped their price objective on Quanta Services from $388.00 to $323.00 and set a “buy” rating on the stock in a research note on Monday, February 24th. BMO Capital Markets upgraded Quanta Services from a “market perform” rating to an “outperform” rating and decreased their target price for the company from $338.00 to $316.00 in a research note on Tuesday, February 25th. Finally, Bank of America initiated coverage on Quanta Services in a report on Friday, January 24th. They issued a “buy” rating and a $407.00 target price on the stock. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and an average price target of $319.25.

Quanta Services Trading Down 2.4 %

Quanta Services stock opened at $263.23 on Tuesday. Quanta Services has a one year low of $227.08 and a one year high of $365.88. The company’s fifty day moving average price is $267.81 and its two-hundred day moving average price is $302.72. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.30 and a quick ratio of 1.19. The company has a market capitalization of $39.01 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 1.41 and a beta of 1.04.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. Quanta Services had a return on equity of 18.00% and a net margin of 3.82%. The business had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.61 billion. On average, analysts forecast that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date of this dividend is Thursday, April 3rd. Quanta Services’s payout ratio is presently 6.63%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Banque Transatlantique SA acquired a new stake in Quanta Services in the 4th quarter valued at about $25,000. Webster Bank N. A. raised its position in Quanta Services by 4,050.0% in the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Quarry LP acquired a new position in Quanta Services during the 4th quarter worth $26,000. Sierra Ocean LLC bought a new position in Quanta Services in the 4th quarter valued at $27,000. Finally, Prestige Wealth Management Group LLC acquired a new stake in shares of Quanta Services in the 3rd quarter valued at $30,000. 90.49% of the stock is 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.