Quanta Services, Inc. (PWR) Raised to “Buy” at Zacks Investment Research
Quanta Services, Inc. (NYSE:PWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $37.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.95% from the company’s current price.
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. Moreover, Quanta Services’ strategic buyouts to boost core business holds promise. Following the resolution of the issue, Quanta Services is free to expand its communications infrastructure footprint in the U.S. Despite these positives, over the past six months, shares of Quanta Services have yielded a negative return, narrower than the decline of the Zacks categorized Engineering/R&D Services industry. Also, project losses and delays, due to harsh weather conditions, add to woes.”
PWR has been the topic of several other reports. BidaskClub downgraded shares of Quanta Services from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. ValuEngine raised shares of Quanta Services from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. FBR & Co decreased their price target on shares of Quanta Services from $41.00 to $40.00 and set a “mkt perform” rating for the company in a research note on Friday, April 7th. TheStreet raised shares of Quanta Services from a “c+” rating to a “b-” rating in a research note on Friday, July 7th. Finally, Robert W. Baird decreased their price target on shares of Quanta Services from $43.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $39.88.
Quanta Services (PWR) traded up 1.12% on Monday, hitting $33.42. 519,618 shares of the stock traded hands. The stock has a market capitalization of $5.08 billion, a P/E ratio of 23.10 and a beta of 0.84. Quanta Services has a 12-month low of $23.22 and a 12-month high of $38.82. The company’s 50 day moving average price is $32.47 and its 200-day moving average price is $34.75.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, May 4th. The construction company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.01 billion. Quanta Services had a net margin of 2.79% and a return on equity of 7.08%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS. Analysts predict that Quanta Services will post $1.98 EPS for the current year.
Quanta Services declared that its board has authorized a stock repurchase plan on Thursday, May 25th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
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Several institutional investors have recently added to or reduced their stakes in the stock. FTB Advisors Inc. boosted its position in Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock valued at $103,000 after buying an additional 1,676 shares in the last quarter. Segantii Capital Management Ltd purchased a new position in Quanta Services during the first quarter valued at $115,000. Ameritas Investment Partners Inc. purchased a new position in Quanta Services during the first quarter valued at $134,000. LBA Wealth Management LLC purchased a new position in Quanta Services during the first quarter valued at $177,000. Finally, Independent Portfolio Consultants Inc. boosted its position in Quanta Services by 25.3% in the second quarter. Independent Portfolio Consultants Inc. now owns 5,868 shares of the construction company’s stock valued at $193,000 after buying an additional 1,183 shares in the last quarter. 89.24% of the stock is owned by institutional investors and hedge funds.
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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