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

Quanta Services (NYSE:PWR) had its price objective lifted by Citigroup from $302.00 to $348.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

Several other equities analysts have also weighed in on PWR. Robert W. Baird upped their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the company an outperform rating in a report on Friday, July 19th. Jefferies Financial Group initiated coverage on Quanta Services in a report on Wednesday, September 4th. They issued a hold rating and a $256.00 price target on the stock. B. Riley upped their target price on Quanta Services from $286.00 to $303.00 and gave the stock a buy rating in a research report on Friday, August 2nd. TD Cowen lifted their price target 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. Finally, Northland Securities upped their price objective on shares of Quanta Services from $264.00 to $280.00 and gave the stock an outperform rating in a report on Friday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $290.23.

Quanta Services Stock Up 2.5 %

Shares of NYSE:PWR opened at $305.72 on Friday. The business’s 50-day moving average is $270.34 and its 200-day moving average is $265.58. Quanta Services has a 1 year low of $153.74 and a 1 year high of $306.50. The company has a market capitalization of $45.04 billion, a price-to-earnings ratio of 59.25 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 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 company had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the firm posted $1.47 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that Quanta Services will post 7.82 earnings per share for the current year.

Quanta Services Announces Dividend

The firm 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 dividend payout ratio is presently 6.98%.

Insider Activity at Quanta Services

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 202,357 shares of company stock valued at $53,115,572. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PWR. Handelsbanken Fonder AB raised its stake in shares of Quanta Services by 14.6% during the 3rd quarter. Handelsbanken Fonder AB now owns 356,016 shares of the construction company’s stock valued at $106,146,000 after purchasing an additional 45,400 shares during the period. Canandaigua National Bank & Trust Co. bought a new stake in shares of Quanta Services during the third quarter valued at about $217,000. Farmers Trust Co. lifted its holdings in shares of Quanta Services by 26.0% in the third quarter. Farmers Trust Co. now owns 1,380 shares of the construction company’s stock worth $411,000 after buying an additional 285 shares in the last quarter. Czech National Bank boosted its position in shares of Quanta Services by 7.9% in the third quarter. Czech National Bank now owns 30,012 shares of the construction company’s stock valued at $8,948,000 after acquiring an additional 2,185 shares during the period. Finally, Mattson Financial Services LLC purchased a new position in Quanta Services during the second quarter valued at approximately $1,433,000. 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.