Citigroup Raises Quanta Services (NYSE:PWR) Price Target to $285.00

Quanta Services (NYSE:PWR) had its price target boosted by Citigroup from $275.00 to $285.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other research firms have also recently issued reports on PWR. KeyCorp assumed coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a sector weight rating for the company. Stifel Nicolaus increased their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a buy rating in a research note on Friday, February 23rd. The Goldman Sachs Group increased their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a research note on Monday, February 26th. Evercore ISI initiated coverage on shares of Quanta Services in a research note on Tuesday, February 13th. They issued an outperform rating and a $237.00 price objective on the stock. Finally, TD Cowen increased their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the stock an outperform rating in a research note on Tuesday, February 27th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $247.67.

Quanta Services Trading Up 0.5 %

NYSE PWR opened at $253.09 on Monday. The company has a fifty day simple moving average of $244.27 and a two-hundred day simple moving average of $210.41. The stock has a market cap of $37.05 billion, a P/E ratio of 50.52 and a beta of 1.11. Quanta Services has a 12-month low of $153.74 and a 12-month high of $265.82. The company has a current ratio of 1.47, a quick ratio of 1.44 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The business had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The business’s quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the company posted $1.54 earnings per share. On average, analysts forecast that Quanta Services will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were given a $0.09 dividend. The ex-dividend date was Monday, April 8th. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is 7.19%.

Insider Transactions at Quanta Services

In other news, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the transaction, the executive vice president now directly owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Margaret B. Shannon sold 8,515 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the transaction, the director now directly owns 34,063 shares of the company’s stock, valued at $8,172,394.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Donald Wayne sold 1,101 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the transaction, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,125 shares of company stock valued at $11,270,215. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors have recently bought and sold shares of the company. Patton Albertson Miller Group LLC raised its stake in Quanta Services by 2.4% during the first quarter. Patton Albertson Miller Group LLC now owns 40,050 shares of the construction company’s stock worth $10,405,000 after purchasing an additional 936 shares during the period. CENTRAL TRUST Co raised its stake in Quanta Services by 31.2% during the first quarter. CENTRAL TRUST Co now owns 1,291 shares of the construction company’s stock worth $335,000 after purchasing an additional 307 shares during the period. Premier Path Wealth Partners LLC purchased a new position in Quanta Services during the first quarter worth about $277,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in Quanta Services by 233.3% during the first quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 10,000 shares of the construction company’s stock worth $2,598,000 after purchasing an additional 7,000 shares during the period. Finally, Simplicity Wealth LLC purchased a new position in Quanta Services during the first quarter worth about $1,747,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

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.