Quanta Services’s “Neutral” Rating Reiterated at Zacks (PWR)
Quanta Services (NYSE:PWR)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Thursday. They currently have a $39.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 4.84% from the company’s current price.
Zacks’ analyst wrote, “Quanta Services is the largest contractor serving the transmission and distribution sector of the North American electric utility industry. The company’s second-quarter 2014 results were encouraging as both earnings and revenues grew year over year. Meanwhile, Quanta is benefiting from increased spending in the Electric Power segment on projects to upgrade and deploy the electric power transmission infrastructure. Also, the company’s oil and gas infrastructure services segment continues to perform well with significant revenue growth. However, Quanta has made significant investments in its fiber optics division, which is likely to be a drag on company’s financials in the near term. Considering the factors, we are reaffirming our Neutral recommendation on Quanta Services with a target price of $39.”
Shares of Quanta Services (NYSE:PWR) traded up 0.32% during mid-day trading on Thursday, hitting $37.32. The stock had a trading volume of 296,351 shares. Quanta Services has a 52 week low of $25.57 and a 52 week high of $37.49. The stock has a 50-day moving average of $35.05 and a 200-day moving average of $34.96. The company has a market cap of $8.091 billion and a P/E ratio of 20.52.
Quanta Services (NYSE:PWR) last released its earnings data on Thursday, July 31st. The company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. On average, analysts predict that Quanta Services will post $1.99 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Robert W. Baird upgraded shares of Quanta Services from a “neutral” rating to an “outperform” rating in a research note on Friday, August 1st. They now have a $40.00 price target on the stock, down previously from $41.00. Analysts at Global Hunter Securities initiated coverage on shares of Quanta Services in a research note on Thursday, June 19th. They set a “buy” rating and a $41.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $37.57.
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.
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