Quanta Services (NYSE:PWR) Price Target Raised to $323.00

Quanta Services (NYSE:PWR) had its target price increased by JPMorgan Chase & Co. from $297.00 to $323.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock.

A number of other analysts also recently issued reports on the company. UBS Group lifted their price objective on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Citigroup boosted their price target on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. TD Cowen increased their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Daiwa Capital Markets assumed coverage on shares of Quanta Services in a report on Friday, December 6th. They issued an “outperform” rating and a $355.00 target price on the stock. Finally, Guggenheim initiated coverage on shares of Quanta Services in a report on Wednesday, January 8th. They issued a “neutral” rating for the company. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $331.41.

Quanta Services Trading Up 0.4 %

Shares of Quanta Services stock opened at $293.72 on Tuesday. Quanta Services has a fifty-two week low of $193.52 and a fifty-two week high of $365.88. 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 company has a market capitalization of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. The company has a fifty day moving average of $330.55 and a 200 day moving average of $300.60.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.56 billion. During the same quarter in the prior year, the company posted $2.08 earnings per share. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Quanta Services will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a $0.10 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio is currently 7.38%.

Institutional Investors Weigh In On Quanta Services

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its stake in Quanta Services by 1.6% during the 3rd quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock valued at $1,713,956,000 after acquiring an additional 89,975 shares during the period. Geode Capital Management LLC lifted its position in Quanta Services by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock valued at $1,027,887,000 after purchasing an additional 46,357 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Quanta Services by 4.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,052 shares of the construction company’s stock valued at $316,055,000 after purchasing an additional 43,715 shares during the last quarter. Swedbank AB grew its position in Quanta Services by 4.6% during the 3rd quarter. Swedbank AB now owns 960,081 shares of the construction company’s stock worth $286,248,000 after purchasing an additional 42,579 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Quanta Services by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 848,776 shares of the construction company’s stock worth $253,063,000 after purchasing an additional 11,565 shares during the period. Institutional investors and hedge funds 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.