Quanta Services (NYSE:PWR) Announces Quarterly Earnings Results, Beats Expectations By $0.26 EPS

Quanta Services (NYSE:PWR) issued its quarterly earnings results on Thursday. The construction company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26, Briefing.com reports. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. Quanta Services’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.08 EPS. Quanta Services updated its FY24 guidance to $8.50-8.80 EPS and its FY 2024 guidance to 8.500-8.800 EPS.

Quanta Services Price Performance

Shares of PWR stock traded down $7.98 during mid-day trading on Thursday, reaching $303.65. The stock had a trading volume of 784,719 shares, compared to its average volume of 884,573. The company has a market cap of $44.74 billion, a P/E ratio of 57.32 and a beta of 1.01. 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 12-month low of $153.74 and a 12-month high of $317.91. The business has a 50-day simple moving average of $289.12 and a 200 day simple moving average of $272.10.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.09 per share. The ex-dividend date was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s payout ratio is 6.79%.

Insider Buying and Selling

In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the sale, the chief operating officer now owns 29,002 shares in the company, valued at approximately $7,541,390.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now owns 593,402 shares in the company, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their ownership of the stock. 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 three months. Corporate insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. B. Riley raised their price target on Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. UBS Group boosted their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. TD Cowen lifted 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. Robert W. Baird upped their price objective on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Quanta Services in a research note on Monday, October 7th. They set a “neutral” rating and a $297.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $308.07.

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.