Citigroup Forecasts Strong Price Appreciation for Quanta Services (NYSE:PWR) Stock

Quanta Services (NYSE:PWR) had its price objective boosted by equities researchers at Citigroup from $348.00 to $394.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Citigroup’s price objective suggests a potential upside of 21.96% from the company’s previous close.

PWR has been the topic of a number of other reports. Stifel Nicolaus boosted their target price on shares of Quanta Services from $283.00 to $342.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. started coverage on Quanta Services in a research note on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target on the stock. Jefferies Financial Group started coverage on Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. UBS Group increased their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Finally, TD Cowen lifted their price target on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus target price of $319.69.

Quanta Services Trading Down 2.8 %

NYSE PWR traded down $9.42 during mid-day trading on Monday, hitting $323.05. The company’s stock had a trading volume of 611,917 shares, compared to its average volume of 893,606. Quanta Services has a 52-week low of $187.27 and a 52-week high of $350.19. The stock’s fifty day simple moving average is $319.67 and its two-hundred day simple moving average is $285.47. The firm has a market capitalization of $47.69 billion, a P/E ratio of 59.60 and a beta of 1.03. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

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

Hedge Funds Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently modified their holdings of the company. Electron Capital Partners LLC grew its position in Quanta Services by 395.1% in the 2nd quarter. Electron Capital Partners LLC now owns 2,622,142 shares of the construction company’s stock worth $666,260,000 after purchasing an additional 2,092,519 shares during the last quarter. American Century Companies Inc. increased its position in Quanta Services by 1,445.3% in the 2nd quarter. American Century Companies Inc. now owns 395,152 shares of the construction company’s stock valued at $100,404,000 after acquiring an additional 369,581 shares during the period. Alkeon Capital Management LLC raised its stake in Quanta Services by 62.5% during the 3rd quarter. Alkeon Capital Management LLC now owns 650,000 shares of the construction company’s stock valued at $193,798,000 after acquiring an additional 250,000 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Quanta Services by 17.8% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,235,655 shares of the construction company’s stock valued at $313,968,000 after purchasing an additional 186,306 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Quanta Services by 297.3% in the second quarter. National Bank of Canada FI now owns 215,914 shares of the construction company’s stock worth $53,455,000 after purchasing an additional 161,574 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

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.