Quanta Services Inc. (PWR) Sees Unusually-High Trading Volume
Quanta Services Inc. (NYSE:PWR) shares saw unusually-strong trading volume on Thursday . Approximately 3,835,583 shares changed hands during trading, an increase of 83% from the previous session’s volume of 2,100,193 shares.The stock last traded at $26.14 and had previously closed at $25.44.
Several research analysts have recently issued reports on PWR shares. Citigroup Inc. lowered their price objective on Quanta Services from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Friday, August 5th. Stifel Nicolaus raised Quanta Services from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Friday, August 5th. Credit Suisse Group AG reissued a “buy” rating and issued a $26.00 target price on shares of Quanta Services in a research report on Monday, August 8th. Maxim Group upped their target price on Quanta Services from $26.00 to $28.00 and gave the company a “buy” rating in a research report on Friday, May 6th. Finally, Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating in a research report on Wednesday, April 27th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $26.20.
The firm has a market capitalization of $3.92 billion and a price-to-earnings ratio of 17.53. The stock has a 50-day moving average price of $25.04 and a 200 day moving average price of $22.83.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 4th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.18. The firm earned $1.15 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter last year, the firm posted $0.24 earnings per share. The business’s revenue was down 4.4% on a year-over-year basis. On average, analysts anticipate that Quanta Services Inc. will post $1.55 earnings per share for the current year.
Several hedge funds have made changes to their positions in PWR. Schroder Investment Management Group raised its stake in shares of Quanta Services by 98.3% in the fourth quarter. Schroder Investment Management Group now owns 1,296,665 shares of the company’s stock worth $26,257,000 after buying an additional 642,646 shares during the last quarter. Cedar Hill Associates LLC increased its position in Quanta Services by 40.7% in the fourth quarter. Cedar Hill Associates LLC now owns 508,478 shares of the company’s stock worth $10,297,000 after buying an additional 147,197 shares during the period. Systematic Financial Management LP purchased a new position in Quanta Services during the fourth quarter worth approximately $1,739,000. Trexquant Investment LP purchased a new position in Quanta Services during the fourth quarter worth approximately $1,104,000. Finally, State of Tennessee Treasury Department increased its position in Quanta Services by 4.7% in the fourth quarter. State of Tennessee Treasury Department now owns 275,940 shares of the company’s stock worth $5,588,000 after buying an additional 12,484 shares during the period.
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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