Citigroup Raises Quanta Services (NYSE:PWR) Price Target to $348.00

Quanta Services (NYSE:PWR) had its target price hoisted by Citigroup from $302.00 to $348.00 in a research note issued to investors on Friday, Benzinga reports. Citigroup currently has a buy rating on the construction company’s stock.

A number of other equities research analysts have also recently weighed in on PWR. Jefferies Financial Group started coverage on Quanta Services in a research note on Wednesday, September 4th. They issued a hold rating and a $256.00 price objective for the company. Truist Financial reiterated a buy rating and issued a $319.00 target price (up from $305.00) on shares of Quanta Services in a report on Monday, August 5th. TD Cowen lifted their target price on Quanta Services from $270.00 to $280.00 and gave the company a buy rating in a report on Thursday, August 8th. B. Riley lifted their target price on Quanta Services from $286.00 to $303.00 and gave the company a buy rating in a report on Friday, August 2nd. Finally, Northland Securities lifted their target price on Quanta Services from $264.00 to $280.00 and gave the company an outperform rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $290.71.

Quanta Services Stock Up 0.6 %

Quanta Services stock opened at $307.51 on Friday. The firm has a market cap of $45.31 billion, a price-to-earnings ratio of 59.60 and a beta of 1.01. Quanta Services has a 52 week low of $153.74 and a 52 week high of $308.31. The business’s 50-day moving average price is $271.37 and its 200 day moving average price is $265.94. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45.

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

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s payout ratio is currently 6.98%.

Insider Activity

In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at $5,490,297.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 202,357 shares of company stock valued at $53,115,572. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Quanta Services

Several institutional investors and hedge funds have recently added to or reduced their stakes in PWR. Rafferty Asset Management LLC increased its position in Quanta Services by 5.6% during the 4th quarter. Rafferty Asset Management LLC now owns 12,186 shares of the construction company’s stock worth $2,630,000 after purchasing an additional 642 shares during the period. CIBC Private Wealth Group LLC increased its stake in Quanta Services by 16.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 3,017 shares of the construction company’s stock valued at $651,000 after purchasing an additional 427 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Quanta Services by 88.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 18,463 shares of the construction company’s stock valued at $3,984,000 after purchasing an additional 8,644 shares in the last quarter. Cibc World Markets Corp increased its stake in Quanta Services by 133.3% in the 4th quarter. Cibc World Markets Corp now owns 18,695 shares of the construction company’s stock valued at $4,034,000 after purchasing an additional 10,681 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new position in Quanta Services in the 4th quarter valued at approximately $1,095,000. Institutional investors and hedge funds 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.