Citigroup Cuts Quanta Services (NYSE:PWR) Price Target to $371.00

Quanta Services (NYSE:PWR) had its target price reduced by Citigroup from $394.00 to $371.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other equities research analysts have also issued reports on the stock. Robert W. Baird boosted their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Daiwa Capital Markets began coverage on Quanta Services in a report on Friday, December 6th. They issued an “outperform” rating and a $355.00 target price for the company. Stifel Nicolaus lifted their price target on Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Daiwa America raised Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their target price on Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a report on Tuesday. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $330.06.

Quanta Services Stock Performance

PWR opened at $308.10 on Wednesday. The business has a fifty day simple moving average of $328.59 and a 200-day simple moving average of $301.01. The firm has a market cap of $45.48 billion, a PE ratio of 56.85, a P/E/G ratio of 1.49 and a beta of 1.06. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services has a fifty-two week low of $193.52 and a fifty-two week high of $365.88.

Quanta Services (NYSE:PWR) last posted its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the company earned $2.08 EPS. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities analysts predict that Quanta Services will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.10 per share. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.13%. The ex-dividend date was Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is 7.38%.

Institutional Trading of Quanta Services

Several large investors have recently made changes to their positions in the stock. Webster Bank N. A. lifted its holdings in Quanta Services by 4,050.0% in the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Sierra Ocean LLC acquired a new stake in shares of Quanta Services in the fourth quarter worth $27,000. Legacy Investment Solutions LLC bought a new stake in shares of Quanta Services during the 3rd quarter worth $31,000. Prestige Wealth Management Group LLC bought a new position in Quanta Services in the 3rd quarter worth $30,000. Finally, Sound Income Strategies LLC lifted its position in Quanta Services by 700.0% during the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after acquiring an additional 91 shares during the last quarter. 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.