Quanta Services (NYSE:PWR) Shares Gap Down to $256.01

Quanta Services, Inc. (NYSE:PWR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $256.01, but opened at $245.00. Quanta Services shares last traded at $251.98, with a volume of 212,543 shares traded.

Wall Street Analyst Weigh In

PWR has been the subject of several recent analyst reports. TD Cowen upped their price target on Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 27th. Citigroup boosted their price objective on shares of Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. The Goldman Sachs Group raised their target price on shares of Quanta Services from $227.00 to $259.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Stifel Nicolaus boosted their target price on shares of Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. Finally, Robert W. Baird raised their price target on Quanta Services from $265.00 to $287.00 and gave the company an “outperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $255.85.

Quanta Services Stock Up 0.5 %

The company has a current ratio of 1.36, a quick ratio of 1.44 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average price is $250.69 and its 200 day moving average price is $214.43. The company has a market capitalization of $37.52 billion, a P/E ratio of 49.68 and a beta of 1.10.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.21. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The company’s revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.54 EPS. As a group, equities research analysts predict that Quanta Services, Inc. will post 7.63 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th were paid a dividend of $0.09 per share. The ex-dividend date was Monday, April 8th. This represents a $0.36 annualized dividend and a yield of 0.14%. Quanta Services’s dividend payout ratio is 6.98%.

Insider Activity

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of Quanta Services stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total transaction of $288,395.94. Following the transaction, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Worthing Jackman sold 9,572 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,125 shares of company stock worth $11,270,215. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PWR. Truist Financial Corp boosted its position in shares of Quanta Services by 2.2% during the fourth quarter. Truist Financial Corp now owns 432,810 shares of the construction company’s stock worth $93,400,000 after purchasing an additional 9,421 shares in the last quarter. Carnegie Capital Asset Management LLC raised its position in shares of Quanta Services by 24.5% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 1,650 shares of the construction company’s stock worth $356,000 after purchasing an additional 325 shares during the period. Gradient Investments LLC grew its position in shares of Quanta Services by 669,187.5% in the 4th quarter. Gradient Investments LLC now owns 53,543 shares of the construction company’s stock valued at $11,555,000 after purchasing an additional 53,535 shares during the period. Saxon Interests Inc. bought a new stake in Quanta Services during the 4th quarter worth approximately $1,352,000. Finally, Nordea Investment Management AB lifted its stake in Quanta Services by 8,297.7% in the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock valued at $196,205,000 after buying an additional 901,548 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

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.