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

Quanta Services (NYSE:PWR) had its price target raised by research analysts at Citigroup from $302.00 to $348.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s price objective indicates a potential upside of 13.83% from the company’s current price.

PWR has been the topic of several other research reports. 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. Robert W. Baird raised their price target on shares of Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a research report on Friday, July 19th. Jefferies Financial Group assumed coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Truist Financial restated a “buy” rating and issued a $319.00 target price (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Finally, TD Cowen lifted their target price on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $290.23.

Quanta Services Price Performance

Shares of NYSE PWR opened at $305.72 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $270.34 and its 200-day moving average price is $265.46. The firm has a market capitalization of $44.75 billion, a P/E ratio of 59.25 and a beta of 1.01. Quanta Services has a 1-year low of $153.74 and a 1-year high of $306.50.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The business had revenue of $5.59 billion for the quarter, compared to analyst estimates of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 earnings per share. Equities research analysts anticipate that Quanta Services will post 7.82 earnings per share for the current fiscal year.

Insider Activity at Quanta Services

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the business’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 directly owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,875,791.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 202,357 shares of company stock worth $53,115,572. 1.10% of the stock is owned by company insiders.

Institutional Trading of Quanta Services

Institutional investors have recently modified their holdings of the business. Rafferty Asset Management LLC lifted its position in shares of Quanta Services by 5.6% during the fourth quarter. Rafferty Asset Management LLC now owns 12,186 shares of the construction company’s stock worth $2,630,000 after acquiring an additional 642 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Quanta Services by 16.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 3,017 shares of the construction company’s stock worth $651,000 after purchasing an additional 427 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in Quanta Services by 88.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 18,463 shares of the construction company’s stock worth $3,984,000 after purchasing an additional 8,644 shares during the period. Cibc World Markets Corp grew its holdings in Quanta Services by 133.3% during the 4th quarter. Cibc World Markets Corp now owns 18,695 shares of the construction company’s stock valued at $4,034,000 after buying an additional 10,681 shares in the last quarter. Finally, Vinva Investment Management Ltd purchased a new position in Quanta Services during the 4th quarter valued at about $1,095,000. 90.49% of the stock is currently owned by hedge funds and other 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.