Quanta Services Receives New Coverage from Analysts at Goldman Sachs Group Inc. (PWR)
Goldman Sachs Group Inc. started coverage on shares of Quanta Services (NYSE:PWR) in a research note issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $29.00 price target on the stock. Goldman Sachs Group Inc.’s price target suggests a potential downside of 2.26% from the company’s current price.
The analysts wrote, “We resume coverage of Quanta Services with a Neutral rating and a $29, 12-month price target, implying 1% downside. Quanta is a leading specialty contractor leveraged to power and energy infrastructure markets, with roughly 70% of revenue generated from building transmission and distribution (T&D) for the electric grid and the balance of its business largely focused on building pipeline transportation for natural gas and oil. We see Quanta at a cyclical crossroad, driving our view of even risk/reward: growth headwinds are emerging in US power following a more than decade-long investment upcycle even as a North American fossil fuel resurgence drives upside potential in pipeline projects, in our view.”
Shares of Quanta Services (NYSE:PWR) traded down 0.67% during mid-day trading on Tuesday, hitting $29.47. 472,879 shares of the company’s stock traded hands. Quanta Services has a 52 week low of $25.26 and a 52 week high of $31.00. The stock has a 50-day moving average of $29.63 and a 200-day moving average of $27.79. The company has a market cap of $6.361 billion and a price-to-earnings ratio of 18.99.
Quanta Services (NYSE:PWR) last released its earnings data on Thursday, October 31st. The company reported $0.46 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.40 by $0.06. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company posted $0.48 earnings per share. Quanta Services’s revenue was down 2.4% compared to the same quarter last year. Analysts expect that Quanta Services will post $1.49 EPS for the current fiscal year.
PWR has been the subject of a number of other recent research reports. Analysts at Wedbush raised their price target on shares of Quanta Services to $34.00 in a research note to investors on Friday, November 1st. They now have an “outperform” rating on the stock. Separately, analysts at FBR Capital Markets raised their price target on shares of Quanta Services from $34.00 to $38.00 in a research note to investors on Friday, November 1st. They now have an “outperform” rating on the stock. Finally, analysts at Maxim Group raised their price target on shares of Quanta Services from $36.00 to $38.00 in a research note to investors on Thursday, October 31st. They now have a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $33.73.
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and natural gas and oil pipeline industries.
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