Quanta Services (NYSE:PWR) Posts Earnings Results, Beats Estimates By $0.26 EPS

Quanta Services (NYSE:PWR) posted its quarterly earnings data on Thursday. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.26, Briefing.com reports. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period last year, the firm posted $2.08 earnings per share. The company’s revenue was up 15.5% compared to the same quarter last year. Quanta Services updated its FY24 guidance to $8.50-8.80 EPS and its FY 2024 guidance to 8.500-8.800 EPS.

Quanta Services Trading Up 0.6 %

Shares of Quanta Services stock opened at $303.50 on Friday. The stock has a 50 day moving average of $290.40 and a 200 day moving average of $272.85. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.23. The firm has a market capitalization of $44.71 billion, a price-to-earnings ratio of 56.00 and a beta of 1.01. Quanta Services has a fifty-two week low of $163.93 and a fifty-two week high of $317.91.

Quanta Services Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s payout ratio is presently 6.64%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PWR. Robert W. Baird upped their price target on shares of Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research report on Friday. TD Cowen increased their price objective on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Jefferies Financial Group began coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 target price on the stock. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 target price for the company. Finally, Truist Financial boosted their price target on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated 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 owns 10,631 shares of the company’s stock, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services 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 completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the business’s 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 completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their position. 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 quarter. 1.10% of the stock is currently owned by company insiders.

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.