Quanta Services (NYSE:PWR) Price Target Raised to $358.00

Quanta Services (NYSE:PWR) had its price target increased by Truist Financial from $319.00 to $358.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price would suggest a potential upside of 16.62% from the stock’s current price.

A number of other research firms have also recently commented on PWR. Robert W. Baird upped their price objective on Quanta Services from $287.00 to $288.00 and gave the company an “outperform” rating in a report on Friday, July 19th. B. Riley lifted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Northland Securities upped their price target on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. TD Cowen boosted their price objective on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a report on Monday. They issued a “neutral” rating and a $297.00 target price on the stock. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $299.93.

Quanta Services Stock Performance

NYSE PWR opened at $306.99 on Wednesday. The stock has a market capitalization of $45.23 billion, a price-to-earnings ratio of 57.92 and a beta of 1.01. The stock has a 50-day moving average of $274.40 and a 200 day moving average of $266.88. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. Quanta Services has a twelve month low of $153.74 and a twelve month high of $312.52.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The business had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company posted $1.47 EPS. The business’s quarterly revenue was up 10.8% on a year-over-year basis. Sell-side analysts anticipate that Quanta Services will post 7.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This represents 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 worth $53,115,572 in the last quarter. 1.10% of the stock is owned by insiders.

Institutional Trading of Quanta Services

Hedge funds have recently added to or reduced their stakes in the stock. EntryPoint Capital LLC acquired a new stake in shares of Quanta Services during the first quarter worth $25,000. Private Ocean LLC acquired a new stake in shares of Quanta Services in the 1st quarter worth $26,000. Salomon & Ludwin LLC purchased a new stake in shares of Quanta Services in the first quarter valued at about $26,000. Cambridge Trust Co. acquired a new position in shares of Quanta Services during the first quarter worth about $26,000. Finally, Valley Wealth Managers Inc. purchased a new position in Quanta Services during the second quarter worth about $33,000. 90.49% of the stock is owned by institutional investors and hedge funds.

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.