Quanta Services, Inc. (NYSE:PWR) Upgraded by Zacks Investment Research to “Hold”
Quanta Services, Inc. (NYSE:PWR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Quanta Services began 2017 on a solid note, with robust year-over-year top- and bottom-line growth as well as an impressive revenues- and earnings-guidance hike for the full year. Going forward, the company expects a strong rebound in its end markets, including oil and gas, as it enters a renewed multiyear up-cycle for businesses. Also, rise in customers' multiyear capital budgets and favorable regulatory environment are expected to stoke growth. This apart, Quanta Services’ strategic acquisitions to boost core business holds promise. Despite these positives, over the past three months, shares of Quanta Services have significantly underperformed the Zacks categorized Engineering/R&D Services industry's return. The company believes that obtaining sighting and permission for energy infrastructure projects may continue to remain impact profitability. Also, project losses and delays, due to harsh weather conditions, add to woes.”
Several other research firms have also recently weighed in on PWR. FBR & Co cut their price target on shares of Quanta Services from $41.00 to $40.00 and set a “mkt perform” rating on the stock in a report on Friday, April 7th. Robert W. Baird cut their price target on shares of Quanta Services from $43.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. TheStreet upgraded shares of Quanta Services from a “c+” rating to a “b-” rating in a report on Friday. Stifel Nicolaus restated a “buy” rating and set a $43.00 price target on shares of Quanta Services in a report on Friday. Finally, BidaskClub upgraded shares of Quanta Services from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $38.71.
Shares of Quanta Services (NYSE:PWR) traded up 0.27% during midday trading on Tuesday, reaching $33.48. 1,256,421 shares of the company traded hands. Quanta Services has a 12-month low of $23.22 and a 12-month high of $38.82. The firm has a market capitalization of $5.09 billion, a PE ratio of 23.14 and a beta of 0.84. The company has a 50-day moving average of $31.79 and a 200 day moving average of $34.93.
Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, May 4th. The construction company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Quanta Services had a net margin of 2.79% and a return on equity of 7.08%. The business had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the previous year, the company earned $0.23 earnings per share. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services will post $1.95 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Quanta Services by 4.6% in the first quarter. Vanguard Group Inc. now owns 14,220,685 shares of the construction company’s stock worth $527,729,000 after buying an additional 621,973 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Quanta Services by 481.7% in the first quarter. JPMorgan Chase & Co. now owns 8,497,996 shares of the construction company’s stock worth $191,716,000 after buying an additional 10,724,375 shares during the last quarter. BlackRock Inc. boosted its position in Quanta Services by 3,403.4% in the first quarter. BlackRock Inc. now owns 8,360,060 shares of the construction company’s stock worth $310,240,000 after buying an additional 8,121,431 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Quanta Services by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 6,543,704 shares of the construction company’s stock worth $242,837,000 after buying an additional 125,263 shares during the last quarter. Finally, State Street Corp boosted its position in Quanta Services by 6.1% in the fourth quarter. State Street Corp now owns 5,570,152 shares of the construction company’s stock worth $194,119,000 after buying an additional 322,011 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.
About Quanta Services
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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