Quanta Services (NYSE:PWR) Sets New 1-Year High – Here’s Why

Quanta Services, Inc. (NYSE:PWR)’s stock price reached a new 52-week high on Thursday . The company traded as high as $318.34 and last traded at $317.87, with a volume of 65404 shares. The stock had previously closed at $310.82.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PWR. Citigroup lifted their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a report on Friday, October 4th. Wolfe Research started coverage on shares of Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price target on the stock. Truist Financial raised their price objective on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird increased their price target on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group assumed coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $314.27.

Quanta Services Trading Up 2.5 %

The business has a fifty day moving average price of $292.81 and a 200-day moving average price of $274.22. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The company has a market cap of $47.03 billion, a P/E ratio of 57.35 and a beta of 1.01.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share 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 analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.08 EPS. On average, analysts forecast that Quanta Services, Inc. will post 7.83 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services’s payout ratio is presently 6.64%.

Insider Activity

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the firm’s 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 transaction, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares in the company, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on 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 sale, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,357 shares of company stock worth $53,115,572. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Quanta Services

Institutional investors and hedge funds have recently modified their holdings of the business. EntryPoint Capital LLC bought a new position in shares of Quanta Services in the first quarter worth about $25,000. Cambridge Trust Co. bought a new stake in shares of Quanta Services during the first quarter worth $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Quanta Services during the second quarter worth $33,000. Quest Partners LLC bought a new position in shares of Quanta Services in the 2nd quarter valued at $35,000. Finally, Eastern Bank acquired a new stake in shares of Quanta Services during the 3rd quarter valued at $44,000. 90.49% of the stock is currently 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.