Quanta Services, Inc. (PWR) Upgraded at Johnson Rice
Quanta Services, Inc. (NYSE:PWR) was upgraded by equities researchers at Johnson Rice from an “accumulate” rating to a “buy” rating in a research note issued on Friday, MarketBeat Ratings reports. The firm presently has a $43.00 price objective on the construction company’s stock, up from their previous price objective of $41.00. Johnson Rice’s price objective points to a potential upside of 17.68% from the stock’s current price.
PWR has been the topic of a number of other research reports. BidaskClub cut shares of Quanta Services from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. ValuEngine upgraded shares of Quanta Services from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. FBR & Co decreased their target price on shares of Quanta Services from $41.00 to $40.00 and set a “mkt perform” rating on the stock in a research note on Friday, April 7th. TheStreet upgraded shares of Quanta Services from a “c+” rating to a “b-” rating in a research note on Friday, July 7th. Finally, Zacks Investment Research cut shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $41.11.
Quanta Services (PWR) opened at 36.54 on Friday. The company’s 50-day moving average is $33.19 and its 200 day moving average is $34.71. The stock has a market cap of $5.56 billion, a PE ratio of 25.25 and a beta of 0.84. Quanta Services has a 52 week low of $24.49 and a 52 week high of $38.82.
Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by $0.03. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter last year, the company earned $0.18 EPS. Quanta Services’s revenue for the quarter was up 22.8% on a year-over-year basis. On average, analysts expect that Quanta Services will post $2.01 earnings per share for the current fiscal year.
Quanta Services announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 25th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the construction company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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A number of large investors have recently made changes to their positions in PWR. FTB Advisors Inc. raised its stake in shares of Quanta Services by 140.0% in the first quarter. FTB Advisors Inc. now owns 2,873 shares of the construction company’s stock worth $103,000 after buying an additional 1,676 shares during the period. Segantii Capital Management Ltd bought a new stake in shares of Quanta Services during the first quarter worth about $115,000. Ameritas Investment Partners Inc. bought a new stake in shares of Quanta Services during the first quarter worth about $134,000. Bessemer Group Inc. raised its stake in shares of Quanta Services by 22.2% in the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after buying an additional 840 shares during the period. Finally, LBA Wealth Management LLC bought a new stake in shares of Quanta Services during the first quarter worth about $177,000. 89.40% 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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