Quanta Services (NYSE:PWR) Shares Gap Down – Here’s Why

Shares of Quanta Services, Inc. (NYSE:PWR) gapped down before the market opened on Monday . The stock had previously closed at $358.03, but opened at $314.94. Quanta Services shares last traded at $308.59, with a volume of 1,101,376 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. UBS Group boosted their target price on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus upped their price target on shares of Quanta Services from $374.00 to $388.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. Citigroup upped their target price on shares of Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a report on Monday, December 9th. TD Cowen upped their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Bank of America started coverage on Quanta Services in a report on Friday. They issued a “buy” rating and a $407.00 price target for the company. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $329.88.

Quanta Services Price Performance

The stock has a market cap of $44.05 billion, a P/E ratio of 55.06 and a beta of 1.06. The company’s fifty day simple moving average is $332.01 and its 200-day simple moving average is $300.23. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same quarter last year, the business posted $2.08 earnings per share. Quanta Services’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.13%. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. The ex-dividend date was Thursday, January 2nd. Quanta Services’s payout ratio is presently 7.38%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PWR. APG Asset Management N.V. grew its stake in Quanta Services by 236.6% during the second quarter. APG Asset Management N.V. now owns 17,401 shares of the construction company’s stock worth $4,125,000 after buying an additional 12,231 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Quanta Services by 1.6% in the 2nd quarter. Mackenzie Financial Corp now owns 12,762 shares of the construction company’s stock valued at $3,243,000 after purchasing an additional 204 shares in the last quarter. Driehaus Capital Management LLC boosted its stake in Quanta Services by 21.9% in the second quarter. Driehaus Capital Management LLC now owns 102,771 shares of the construction company’s stock valued at $26,113,000 after buying an additional 18,466 shares in the last quarter. Ascent Group LLC lifted its stake in shares of Quanta Services by 14.8% in the 2nd quarter. Ascent Group LLC now owns 12,426 shares of the construction company’s stock valued at $3,157,000 after acquiring an additional 1,598 shares during the last quarter. Finally, Creative Planning grew its position in Quanta Services by 8.9% during the 2nd quarter. Creative Planning now owns 20,700 shares of the construction company’s stock worth $5,260,000 after acquiring an additional 1,694 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

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.