Truist Financial Has Lowered Expectations for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR) had its price target decreased by analysts at Truist Financial from $399.00 to $398.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s price objective points to a potential upside of 18.07% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird upped their price objective on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Daiwa America raised Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. TD Cowen lifted their price objective on Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Guggenheim assumed coverage on Quanta Services in a research report on Wednesday, January 8th. They set a “neutral” rating on the stock. Finally, Wolfe Research started coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $324.19.

Quanta Services Stock Up 0.3 %

Shares of NYSE:PWR opened at $337.10 on Thursday. The firm has a fifty day moving average of $329.35 and a 200 day moving average of $296.14. Quanta Services has a 52-week low of $187.27 and a 52-week high of $350.19. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The firm has a market capitalization of $49.76 billion, a PE ratio of 62.20 and a beta of 1.06.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the company earned $2.08 EPS. As a group, research analysts anticipate that Quanta Services will post 7.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently modified their holdings of PWR. Quest Partners LLC purchased a new position in shares of Quanta Services during the 2nd quarter worth approximately $35,000. Oppenheimer Asset Management Inc. boosted its position in shares of Quanta Services by 26.4% during the second quarter. Oppenheimer Asset Management Inc. now owns 1,255 shares of the construction company’s stock valued at $319,000 after purchasing an additional 262 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Quanta Services by 7.8% in the second quarter. Envestnet Asset Management Inc. now owns 159,803 shares of the construction company’s stock worth $40,604,000 after purchasing an additional 11,577 shares during the period. Axxcess Wealth Management LLC raised its holdings in Quanta Services by 98.3% in the second quarter. Axxcess Wealth Management LLC now owns 1,892 shares of the construction company’s stock worth $481,000 after purchasing an additional 938 shares in the last quarter. Finally, Bradley Foster & Sargent Inc. CT lifted its position in Quanta Services by 18.3% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 14,160 shares of the construction company’s stock valued at $3,598,000 after buying an additional 2,187 shares during the period. Hedge funds and other institutional investors 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.