Quanta Services, Inc. (PWR) Downgraded to Strong Sell at BidaskClub

BidaskClub cut shares of Quanta Services, Inc. (NYSE:PWR) from a sell rating to a strong sell rating in a research report sent to investors on Friday, June 23rd.

A number of other research analysts have also commented on PWR. ValuEngine upgraded shares of Quanta Services from a hold rating to a buy rating in a research note on Friday, June 2nd. TheStreet lowered shares of Quanta Services from a b rating to a c+ rating in a research note on Friday, May 26th. FBR & Co lowered their price objective on shares of Quanta Services from $41.00 to $40.00 and set a mkt perform rating on the stock in a research note on Friday, April 7th. Robert W. Baird lowered their price objective on shares of 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, Zacks Investment Research lowered shares of Quanta Services from a hold rating to a sell rating in a research note on Friday, February 24th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $39.13.

Quanta Services (NYSE:PWR) opened at 33.80 on Friday. Quanta Services has a 52-week low of $23.22 and a 52-week high of $38.82. The firm has a market cap of $5.14 billion, a PE ratio of 23.36 and a beta of 0.84. The firm’s 50-day moving average price is $31.79 and its 200 day moving average price is $34.93.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, May 4th. The construction company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Quanta Services had a return on equity of 7.08% and a net margin of 2.79%. The business’s revenue for the quarter was up 27.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 earnings per share. On average, equities analysts anticipate that Quanta Services will post $1.95 earnings per share for the current year.

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Quanta Services declared that its board has initiated a stock buyback program on Thursday, May 25th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC raised its position in Quanta Services by 51.4% in the fourth quarter. Teachers Advisors LLC now owns 548,341 shares of the construction company’s stock valued at $19,110,000 after buying an additional 186,047 shares during the period. Glen Harbor Capital Management LLC raised its position in Quanta Services by 2.8% in the first quarter. Glen Harbor Capital Management LLC now owns 122,668 shares of the construction company’s stock valued at $4,552,000 after buying an additional 3,360 shares during the period. Putnam Investments LLC raised its position in Quanta Services by 0.3% in the fourth quarter. Putnam Investments LLC now owns 713,637 shares of the construction company’s stock valued at $24,870,000 after buying an additional 2,109 shares during the period. Asset Management One Co. Ltd. raised its position in Quanta Services by 52.6% in the first quarter. Asset Management One Co. Ltd. now owns 90,170 shares of the construction company’s stock valued at $3,347,000 after buying an additional 31,070 shares during the period. Finally, USA Financial Portformulas Corp acquired a new position in Quanta Services during the fourth quarter valued at about $3,363,000. Hedge funds and other institutional investors own 89.03% of the company’s stock.

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.

Analyst Recommendations for Quanta Services (NYSE:PWR)

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