Quanta Services’ (NYSE:PWR) Buy Rating Reaffirmed at Stifel Nicolaus
Stifel Nicolaus restated their buy rating on shares of Quanta Services, Inc. (NYSE:PWR) in a research note released on Friday morning. Stifel Nicolaus currently has a $45.00 price objective on the construction company’s stock.
Several other research firms have also weighed in on PWR. Johnson Rice upgraded Quanta Services from an accumulate rating to a buy rating and upped their price objective for the company from $23.60 to $43.00 in a research note on Friday. BidaskClub upgraded Quanta Services from a strong sell rating to a sell rating in a research note on Saturday, June 10th. TheStreet lowered Quanta Services from a b rating to a c+ rating in a research note on Friday, May 26th. Robert W. Baird lowered their price objective on Quanta Services from $43.00 to $41.00 and set an outperform rating on the stock in a research note on Thursday, April 6th. Finally, UBS AG upgraded Quanta Services from a neutral rating to a buy rating and upped their price objective for the company from $38.00 to $42.00 in a research note on Thursday, July 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. Quanta Services has an average rating of Buy and a consensus price target of $41.00.
Shares of Quanta Services (NYSE:PWR) traded up 2.24% during mid-day trading on Friday, hitting $36.50. The company had a trading volume of 3,974,548 shares. The firm has a market cap of $5.55 billion, a PE ratio of 25.22 and a beta of 0.84. The firm’s 50 day moving average is $32.94 and its 200-day moving average is $34.70. Quanta Services has a 12-month low of $23.22 and a 12-month high of $38.82.
Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company’s revenue was up 22.8% on a year-over-year basis. On average, equities analysts expect that Quanta Services will post $2.00 EPS for the current year.
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Quanta Services declared that its board has initiated a stock repurchase program on Thursday, May 25th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the construction company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of PWR. Vanguard Group Inc. increased its position in Quanta Services by 4.6% in the first quarter. Vanguard Group Inc. now owns 14,220,685 shares of the construction company’s stock valued at $527,729,000 after buying an additional 621,973 shares in the last quarter. BlackRock Inc. increased its position in Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock valued at $310,240,000 after buying an additional 8,121,431 shares in the last quarter. Bank of New York Mellon Corp increased its position in Quanta Services by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 6,543,704 shares of the construction company’s stock valued at $242,837,000 after buying an additional 125,263 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Quanta Services by 4.2% in the first quarter. Dimensional Fund Advisors LP now owns 4,642,263 shares of the construction company’s stock valued at $172,273,000 after buying an additional 189,062 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Quanta Services by 13.9% in the first quarter. Victory Capital Management Inc. now owns 4,556,087 shares of the construction company’s stock valued at $169,076,000 after buying an additional 556,173 shares in the last quarter. 89.31% of the stock is currently owned by hedge funds and other institutional investors.
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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