Quanta Services, Inc. (NYSE:PWR) Updates FY17 Earnings Guidance
Quanta Services, Inc. (NYSE:PWR) updated its FY17 earnings guidance on Thursday. The company provided earnings per share guidance of $1.92-2.10 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.07. The company issued revenue guidance of $8.65-9.05 billion, compared to the consensus revenue estimate of $8.70 billion.
A number of brokerages have recently issued reports on PWR. Robert W. Baird cut Quanta Services from an outperform rating to a neutral rating and reduced their price objective for the stock from $41.00 to $38.00 in a report on Wednesday, July 26th. FBR & Co upgraded Quanta Services from a market perform rating to an outperform rating and boosted their price objective for the stock from $40.00 to $45.00 in a report on Thursday. Johnson Rice upgraded Quanta Services from an accumulate rating to a buy rating and boosted their price objective for the stock from $23.60 to $43.00 in a report on Friday. Credit Suisse Group restated a buy rating and set a $46.00 price objective on shares of Quanta Services in a report on Wednesday, July 26th. Finally, UBS AG upgraded Quanta Services from a neutral rating to a buy rating and boosted their price target for the company from $38.00 to $42.00 in a research note on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the stock. Quanta Services has a consensus rating of Buy and a consensus price target of $40.78.
Shares of Quanta Services, Inc. (PWR) traded up 2.24% during midday trading on Friday, hitting $36.50. The company had a trading volume of 3,974,548 shares. The company’s 50-day moving average price is $32.94 and its 200 day moving average price is $34.70. Quanta Services, Inc. has a 12-month low of $23.22 and a 12-month high of $38.82. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 25.22 and a beta of 0.84.
Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.03. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a return on equity of 7.08% and a net margin of 2.79%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period last year, the business posted $0.18 earnings per share. Equities research analysts predict that Quanta Services, Inc. will post $2.00 earnings per share for the current fiscal year.
Quanta Services declared that its board has approved a stock buyback program on Thursday, May 25th that allows the company to repurchase $300.00 million in shares. This repurchase authorization allows the construction company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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About Quanta Services
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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