Quanta Services (NYSE:PWR) Sets New 52-Week High – Here’s What Happened

Quanta Services, Inc. (NYSE:PWR) reached a new 52-week high on Tuesday . The stock traded as high as $490.47 and last traded at $486.75, with a volume of 409340 shares changing hands. The stock had previously closed at $477.77.

Analyst Ratings Changes

Several research firms have commented on PWR. Citigroup lifted their price objective on shares of Quanta Services from $526.00 to $540.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Cantor Fitzgerald started coverage on shares of Quanta Services in a research note on Friday, January 23rd. They set an “overweight” rating and a $520.00 price target for the company. Jefferies Financial Group cut their price target on shares of Quanta Services from $517.00 to $506.00 and set a “buy” rating on the stock in a report on Tuesday, January 13th. Mizuho set a $415.00 price objective on shares of Quanta Services in a research note on Tuesday, October 28th. Finally, Argus set a $540.00 target price on Quanta Services in a research report on Friday, October 31st. Thirteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and an average price target of $462.00.

Quanta Services Stock Up 2.4%

The stock has a market cap of $70.97 billion, a PE ratio of 70.51, a price-to-earnings-growth ratio of 2.25 and a beta of 1.15. The business has a fifty day moving average of $450.00 and a 200-day moving average of $424.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.34 and a quick ratio of 1.30.

Institutional Investors Weigh In On Quanta Services

Several large investors have recently modified their holdings of PWR. Norges Bank purchased a new stake in shares of Quanta Services during the second quarter valued at about $675,802,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Quanta Services by 57.2% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,425,436 shares of the construction company’s stock worth $917,009,000 after acquiring an additional 882,209 shares in the last quarter. Bank of America Corp DE lifted its position in Quanta Services by 35.6% during the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company’s stock valued at $1,208,672,000 after acquiring an additional 765,822 shares during the last quarter. Select Equity Group L.P. boosted its stake in Quanta Services by 69.3% in the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after acquiring an additional 416,395 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Quanta Services by 2.2% in the third quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company’s stock worth $7,519,079,000 after purchasing an additional 386,937 shares during the last quarter. Institutional investors own 90.49% of the company’s stock.

About Quanta Services

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.