Quanta Services (NYSE:PWR) Updates FY 2024 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 8.500-8.800 for the period, compared to the consensus estimate of 8.630. The company issued revenue guidance of $23.5 billion-$23.9 billion, compared to the consensus revenue estimate of $23.8 billion. Quanta Services also updated its FY24 guidance to $8.50-8.80 EPS.

Quanta Services Stock Performance

Shares of NYSE PWR traded up $1.87 during midday trading on Friday, hitting $303.50. The company’s stock had a trading volume of 913,124 shares, compared to its average volume of 661,167. The stock has a fifty day moving average price of $290.40 and a 200 day moving average price of $272.85. 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 one year low of $163.93 and a one year high of $317.91. The company has a current ratio of 1.23, a quick ratio of 1.25 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the business earned $2.08 EPS. On average, research analysts forecast that Quanta Services will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Analyst Ratings Changes

PWR has been the subject of a number of research analyst reports. Citigroup raised their price target on Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Robert W. Baird lifted their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research report on Friday. Truist Financial upped their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Wolfe Research began coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Finally, B. Riley lifted their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $314.27.

Insider Transactions at Quanta Services

In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of Quanta Services stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the sale, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The trade was 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 valued at $53,115,572 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

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.