Quanta Services Rating Reiterated by Zacks (PWR)
Quanta Services (NYSE:PWR)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Friday. They currently have a $36.00 target price on the stock. Zacks‘s price target points to a potential upside of 6.41% from the company’s current price.
Zacks’ analyst wrote, “Quanta is the largest contractors serving the transmission and distribution sector of the North American electric utility industry We are reaffirming our Neutral recommendation on Quanta Services with a target price of $36. First quarter 2014 results were encouraging, as both earnings and revenues were ahead of the Zacks Consensus Estimate. Quanta Services is benefiting from increased spending in the Electric Power segment on projects to upgrade and deploy the electric power transmission infrastructure. The company’s oil and gas infrastructure services segment continues to perform well with significant revenue growth. However, the company has made significant capital investment in its fiber optics to pursue its fiber strategy, which is likely to be a drag on company’s financials in the near term.”
Shares of Quanta Services (NYSE:PWR) traded down 0.44% during mid-day trading on Friday, hitting $33.68. The stock had a trading volume of 568,959 shares. Quanta Services has a 1-year low of $25.26 and a 1-year high of $37.42. The stock’s 50-day moving average is $34.09 and its 200-day moving average is $33.23. The company has a market cap of $7.338 billion and a P/E ratio of 19.05.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.37 by $0.07. The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Analysts expect that Quanta Services will post $1.93 EPS for the current fiscal year.
In other Quanta Services news, Director John Michal Conaway sold 2,400 shares of Quanta Services stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $33.87, for a total value of $81,288.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Quanta Services, Inc (NYSE:PWR) is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and natural gas and oil pipeline industries.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.