Quanta Services (NYSE:PWR) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Quanta Services (NYSE:PWR – Get Rating) posted its quarterly earnings results on Thursday. The construction company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.38 by $0.16, Briefing.com reports. Quanta Services had a net margin of 2.92% and a return on equity of 15.97%. The business had revenue of $4.23 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 41.1% on a year-over-year basis. Quanta Services updated its FY22 guidance to $6.10-6.44 EPS and its FY 2022 guidance to $6.10-$6.44 EPS.

Quanta Services Stock Up 2.6 %

Shares of PWR traded up $3.50 during mid-day trading on Friday, hitting $136.91. 1,287,213 shares of the company’s stock were exchanged, compared to its average volume of 1,183,450. The company has a market cap of $19.68 billion, a PE ratio of 44.45 and a beta of 1.10. Quanta Services has a 52 week low of $90.09 and a 52 week high of $146.84. The company has a 50-day simple moving average of $128.11 and a 200 day simple moving average of $120.39. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.56 and a quick ratio of 1.48.

Quanta Services Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, June 30th. This represents a $0.28 annualized dividend and a yield of 0.20%. Quanta Services’s dividend payout ratio (DPR) is currently 9.09%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PWR. Credit Suisse Group set a $157.00 target price on shares of Quanta Services in a report on Tuesday, July 19th. Citigroup boosted their price objective on shares of Quanta Services from $145.00 to $152.00 in a research note on Friday, July 22nd. Cowen upped their target price on shares of Quanta Services from $130.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, May 26th. KeyCorp increased their price objective on shares of Quanta Services from $129.00 to $156.00 in a research note on Thursday, April 14th. Finally, Argus assumed coverage on shares of Quanta Services in a report on Friday, July 15th. They issued a “buy” rating and a $150.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $144.31.

Insider Transactions at Quanta Services

In other Quanta Services news, CEO Earl C. Jr. Austin sold 135,000 shares of Quanta Services stock in a transaction on Friday, June 10th. The shares were sold at an average price of $126.48, for a total transaction of $17,074,800.00. Following the completion of the transaction, the chief executive officer now directly owns 689,030 shares of the company’s stock, valued at $87,148,514.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Vincent D. Foster sold 14,948 shares of the business’s stock in a transaction dated Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total transaction of $1,778,961.48. Following the sale, the director now directly owns 204,925 shares in the company, valued at $24,388,124.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $126.48, for a total value of $17,074,800.00. Following the completion of the sale, the chief executive officer now owns 689,030 shares in the company, valued at $87,148,514.40. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Quanta Services

Institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. raised its position in shares of Quanta Services by 1,442.1% during the first quarter. Brown Brothers Harriman & Co. now owns 586 shares of the construction company’s stock worth $77,000 after purchasing an additional 548 shares during the period. Covestor Ltd raised its position in Quanta Services by 197.2% in the 1st quarter. Covestor Ltd now owns 627 shares of the construction company’s stock valued at $83,000 after buying an additional 416 shares during the last quarter. Zions Bancorporation N.A. raised its position in Quanta Services by 5,064.3% in the 1st quarter. Zions Bancorporation N.A. now owns 723 shares of the construction company’s stock valued at $95,000 after buying an additional 709 shares during the last quarter. Salem Investment Counselors Inc. purchased a new stake in Quanta Services in the 1st quarter valued at $132,000. Finally, Eudaimonia Partners LLC purchased a new stake in Quanta Services in the 1st quarter valued at $223,000. 87.16% of the stock is owned by institutional investors and hedge funds.

Quanta Services Company Profile

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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.