Bank of America Initiates Coverage on Quanta Services (NYSE:PWR)

Bank of America began coverage on shares of Quanta Services (NYSE:PWR) in a research report released on Friday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $407.00 price target on the construction company’s stock.

Other equities research analysts have also issued reports about the stock. Citigroup upped their price objective on shares of Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Daiwa Capital Markets started coverage on shares of Quanta Services in a research note on Friday, December 6th. They set an “outperform” rating and a $355.00 target price on the stock. Truist Financial reduced their target price on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Guggenheim began coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a “neutral” rating for the company. Finally, Northland Securities reiterated an “outperform” rating and issued a $328.00 target price (up from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Four 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $329.88.

Quanta Services Stock Performance

NYSE:PWR opened at $357.55 on Friday. The stock’s 50-day moving average is $332.01 and its 200-day moving average is $299.62. The stock has a market cap of $52.78 billion, a P/E ratio of 65.97 and a beta of 1.06. Quanta Services has a 1-year low of $193.50 and a 1-year high of $365.88. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

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

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a $0.10 dividend. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.11%. The ex-dividend date was Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is presently 7.38%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Quanta Services by 0.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 4,167 shares of the construction company’s stock worth $1,317,000 after buying an additional 29 shares in the last quarter. HB Wealth Management LLC lifted its stake in Quanta Services by 0.9% in the 4th quarter. HB Wealth Management LLC now owns 3,323 shares of the construction company’s stock worth $1,050,000 after purchasing an additional 31 shares in the last quarter. Moody Lynn & Lieberson LLC increased its holdings in shares of Quanta Services by 0.5% in the fourth quarter. Moody Lynn & Lieberson LLC now owns 6,141 shares of the construction company’s stock worth $1,941,000 after purchasing an additional 32 shares during the period. Resurgent Financial Advisors LLC grew its position in Quanta Services by 0.7% during the third quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company’s stock worth $1,423,000 after buying an additional 33 shares in the last quarter. Finally, Tower Wealth Partners Inc. raised its holdings in shares of Quanta Services by 3.1% in the 3rd quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 90.49% 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.