Quanta Services (NYSE:PWR) Stock Gets Price Target Cut from Piper Sandler

Quanta Services (NYSE:PWR) had its target price decreased by Piper Sandler from $714.00 to $701.00 in a research note released on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the construction company’s stock.

A number of other analysts have also recently weighed in on the stock. Argus set a $800.00 price target on shares of Quanta Services in a research note on Wednesday, August 5th. Guggenheim upgraded shares of Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 price objective on the stock in a research note on Friday, July 31st. Oppenheimer reduced their target price on shares of Quanta Services from $835.00 to $800.00 and set an “outperform” rating for the company in a report on Monday, November 2nd. Robert W. Baird set a $728.00 target price on shares of Quanta Services in a report on Friday, July 31st. Finally, Sanford C. Bernstein upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $748.00 to $775.00 in a research note on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Quanta Services presently has a consensus rating of “Moderate Buy” and an average price target of $763.31.

Quanta Services Price Performance

Shares of NYSE PWR opened at $608.04 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.13 and a debt-to-equity ratio of 0.60. Quanta Services has a twelve month low of $408.36 and a twelve month high of $788.75. The stock has a 50 day moving average of $628.08 and a two-hundred day moving average of $628.26. The stock has a market cap of $91.62 billion, a P/E ratio of 55.08, a P/E/G ratio of 1.49 and a beta of 1.29.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, October 29th. The construction company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.02 by $1.04. The business had revenue of $12.01 billion for the quarter, compared to analyst estimates of $11.03 billion. Quanta Services had a net margin of 4.51% and a return on equity of 23.56%. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period last year, the firm posted $3.33 earnings per share. On average, research analysts forecast that Quanta Services will post 16.61 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $0.44 annualized dividend and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio (DPR) is currently 3.99%.

Hedge Funds Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in Quanta Services by 4.7% during the 2nd quarter. State Street Corp now owns 6,581,807 shares of the construction company’s stock worth $4,739,164,000 after buying an additional 296,893 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Quanta Services by 5.4% in the first quarter. Bank of America Corp DE now owns 3,444,711 shares of the construction company’s stock valued at $1,891,215,000 after acquiring an additional 175,184 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Quanta Services by 7.1% in the first quarter. Royal Bank of Canada now owns 1,264,827 shares of the construction company’s stock valued at $694,415,000 after acquiring an additional 83,363 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Quanta Services by 18.3% during the first quarter. First Trust Advisors LP now owns 1,003,917 shares of the construction company’s stock worth $551,170,000 after acquiring an additional 155,529 shares during the period. Finally, Amundi increased its stake in shares of Quanta Services by 10.3% during the first quarter. Amundi now owns 580,718 shares of the construction company’s stock worth $318,826,000 after acquiring an additional 54,237 shares during the period. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

About Quanta Services

Quanta Services, Inc. provides specialized contracting and infrastructure services to the electric power, energy and communications industries. Its work spans the planning, design, construction, repair and maintenance of essential infrastructure. The company’s services include electric transmission and distribution lines, substations, renewable energy facilities, natural gas and pipeline systems, and communications networks. Quanta supports projects across the infrastructure lifecycle, from initial development and construction to ongoing upgrades and maintenance.