Citigroup Boosts Quanta Services (NYSE:PWR) Price Target to $302.00

Quanta Services (NYSE:PWR) had its price objective increased by stock analysts at Citigroup from $299.00 to $302.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s target price points to a potential upside of 14.21% from the company’s current price.

A number of other research firms have also weighed in on PWR. The Goldman Sachs Group raised their target price on shares of Quanta Services from $259.00 to $286.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Truist Financial restated a “buy” rating and issued a $305.00 price target (up from $301.00) on shares of Quanta Services in a research report on Monday, May 6th. Argus raised their price target on Quanta Services from $285.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Robert W. Baird lifted their target price on Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, DA Davidson lifted their target price on Quanta Services from $225.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $273.75.

Quanta Services Trading Down 1.2 %

Shares of PWR opened at $264.42 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32. Quanta Services has a 1 year low of $153.74 and a 1 year high of $286.87. The company has a 50 day simple moving average of $267.73 and a two-hundred day simple moving average of $246.41. The firm has a market cap of $38.71 billion, a P/E ratio of 51.24 and a beta of 1.03.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.14. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The business had revenue of $5.03 billion during the quarter, compared to analyst estimates of $4.96 billion. On average, equities analysts expect that Quanta Services will post 7.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quanta Services

A number of large investors have recently modified their holdings of PWR. Artisan Partners Limited Partnership grew its stake in shares of Quanta Services by 384.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock worth $526,261,000 after acquiring an additional 1,935,786 shares during the last quarter. Norges Bank purchased a new stake in shares of Quanta Services during the fourth quarter worth about $335,777,000. Public Employees Retirement Association of Colorado grew its stake in shares of Quanta Services by 20,298.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after acquiring an additional 1,052,496 shares during the last quarter. Swedbank AB purchased a new stake in shares of Quanta Services during the first quarter worth about $227,218,000. Finally, Capital World Investors boosted its position in Quanta Services by 10.7% in the first quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock valued at $1,726,042,000 after buying an additional 643,011 shares during the last quarter. Hedge funds and other 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.