Wolfe Research Initiates Coverage on Quanta Services (NYSE:PWR)

Research analysts at Wolfe Research began coverage on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $313.00 price target on the construction company’s stock. Wolfe Research’s price objective indicates a potential upside of 7.60% from the company’s current price.

A number of other equities research analysts also recently commented on PWR. TD Cowen increased their price objective on shares of Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. B. Riley raised their price target on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Citigroup lifted their price objective on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Robert W. Baird boosted their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group raised their price target on Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Quanta Services presently has a consensus rating of “Moderate Buy” and a consensus target price of $286.69.

Quanta Services Stock Performance

NYSE:PWR opened at $290.89 on Thursday. The stock has a market capitalization of $42.58 billion, a PE ratio of 56.37 and a beta of 1.01. The company has a fifty day moving average of $262.17 and a two-hundred day moving average of $261.42. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $293.80.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period last year, the business earned $1.47 earnings per share. Quanta Services’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts forecast that Quanta Services will post 7.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. The disclosure for this sale can be found here. Insiders have sold 202,357 shares of company stock worth $53,115,572 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

Several institutional investors have recently bought and sold shares of PWR. EntryPoint Capital LLC bought a new position in shares of Quanta Services in the first quarter valued at about $25,000. Private Ocean LLC bought a new stake in Quanta Services during the 1st quarter worth $26,000. Salomon & Ludwin LLC acquired a new position in Quanta Services in the 1st quarter worth about $26,000. Cambridge Trust Co. bought a new position in shares of Quanta Services during the first quarter valued at $26,000. Finally, Valley Wealth Managers Inc. bought a new position in shares of Quanta Services during the second quarter worth about $33,000. Institutional investors own 90.49% of the company’s stock.

Quanta Services Company Profile

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.