BidaskClub lowered shares of Quanta Services, Inc. (NYSE:PWR) from a hold rating to a sell rating in a research note released on Friday morning.
A number of other brokerages have also recently issued reports on PWR. Zacks Investment Research cut shares of Quanta Services from a strong-buy rating to a hold rating in a research report on Wednesday, August 9th. FBR & Co upgraded shares of Quanta Services to an outperform rating and lifted their target price for the stock from $40.00 to $45.00 in a research report on Wednesday, August 9th. Stifel Nicolaus restated a buy rating and set a $45.00 target price on shares of Quanta Services in a research report on Friday, August 4th. Credit Suisse Group restated a buy rating and set a $47.00 target price on shares of Quanta Services in a research report on Friday, August 4th. Finally, Johnson Rice upgraded shares of Quanta Services from an accumulate rating to a buy rating and lifted their target price for the stock from $41.00 to $43.00 in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $41.44.
Quanta Services (NYSE PWR) opened at 33.78 on Friday. Quanta Services has a 52-week low of $24.49 and a 52-week high of $38.82. The firm has a market cap of $5.24 billion, a P/E ratio of 19.20 and a beta of 0.84. The company’s 50 day moving average is $34.22 and its 200 day moving average is $34.66.
Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. Equities research analysts forecast that Quanta Services will post $2.03 EPS for the current fiscal year.
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Quanta Services announced that its board has initiated a share repurchase plan on Thursday, May 25th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total value of $143,160.00. Following the completion of the sale, the director now directly owns 17,152 shares in the company, valued at $613,870.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in PWR. BlackRock Inc. increased its stake 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. Victory Capital Management Inc. increased its stake in Quanta Services by 38.6% in the second quarter. Victory Capital Management Inc. now owns 6,314,406 shares of the construction company’s stock valued at $207,871,000 after buying an additional 1,758,319 shares in the last quarter. Peconic Partners LLC increased its stake in Quanta Services by 132.7% in the first quarter. Peconic Partners LLC now owns 2,850,000 shares of the construction company’s stock valued at $105,764,000 after buying an additional 1,625,000 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in Quanta Services during the second quarter valued at about $36,881,000. Finally, Renaissance Technologies LLC acquired a new stake in Quanta Services during the second quarter valued at about $35,076,000. Institutional investors own 89.02% 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.
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