Truist Financial Lowers Quanta Services (NYSE:PWR) Price Target to $398.00

Quanta Services (NYSE:PWR) had its price target dropped by stock analysts at Truist Financial from $399.00 to $398.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price indicates a potential upside of 20.55% from the company’s previous close.

Several other equities research analysts also recently commented on PWR. Guggenheim initiated coverage on Quanta Services in a report on Wednesday, January 8th. They issued a “neutral” rating for 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 report on Wednesday, October 23rd. TD Cowen boosted their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Finally, Daiwa Capital Markets assumed coverage on Quanta Services in a research note on Friday, December 6th. They set an “outperform” rating and a $355.00 price target for the company. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $324.19.

Quanta Services Stock Up 0.2 %

Shares of PWR traded up $0.74 during trading hours on Thursday, hitting $330.16. The company had a trading volume of 25,828 shares, compared to its average volume of 884,367. The firm has a fifty day moving average price of $328.93 and a 200-day moving average price of $295.24. 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 stock has a market capitalization of $48.73 billion, a price-to-earnings ratio of 60.92 and a beta of 1.06. Quanta Services has a 52-week low of $187.27 and a 52-week high of $350.19.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results 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. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. Quanta Services’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.08 EPS. On average, equities research analysts forecast that Quanta Services will post 7.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Oak Ridge Investments LLC grew its position in shares of Quanta Services by 5.2% during the 4th quarter. Oak Ridge Investments LLC now owns 20,675 shares of the construction company’s stock worth $6,534,000 after buying an additional 1,025 shares in the last quarter. BNC Wealth Management LLC purchased a new stake in shares of Quanta Services during the 4th quarter worth $4,125,000. TruWealth Advisors LLC lifted its stake in shares of Quanta Services by 1.3% during the 4th quarter. TruWealth Advisors LLC now owns 45,553 shares of the construction company’s stock worth $14,397,000 after purchasing an additional 583 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of Quanta Services by 0.9% during the 4th quarter. HB Wealth Management LLC now owns 3,323 shares of the construction company’s stock worth $1,050,000 after purchasing an additional 31 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new stake in Quanta Services in the fourth quarter valued at about $260,000. 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.