Quanta Services, Inc. (PWR) Receives “Buy” Rating from Stifel Nicolaus
Quanta Services, Inc. (NYSE:PWR)‘s stock had its “buy” rating reissued by equities researchers at Stifel Nicolaus in a research report issued to clients and investors on Thursday. They presently have a $45.00 target price on the construction company’s stock. Stifel Nicolaus’ price target points to a potential upside of 26.76% from the company’s previous close.
A number of other research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Quanta Services from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Zacks Investment Research raised shares of Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, July 11th. Credit Suisse Group reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Quanta Services in a report on Friday, August 4th. ValuEngine raised shares of Quanta Services from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Johnson Rice raised shares of Quanta Services from an “accumulate” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $43.00 in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. Quanta Services has a consensus rating of “Buy” and a consensus price target of $41.44.
Shares of Quanta Services (NYSE PWR) traded down 0.17% during midday trading on Thursday, reaching $35.50. 1,213,340 shares of the company’s stock traded hands. Quanta Services has a 12 month low of $24.49 and a 12 month high of $38.82. The stock has a 50-day moving average price of $34.83 and a 200 day moving average price of $34.52. The firm has a market cap of $5.51 billion, a PE ratio of 20.18 and a beta of 0.83.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same period in the prior year, the company earned $0.18 earnings per share. The firm’s revenue was up 22.8% on a year-over-year basis. Equities research analysts predict that Quanta Services will post $2.03 earnings per share for the current year.
Quanta Services announced that its board has initiated a stock buyback program on Thursday, May 25th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other Quanta Services news, EVP Randall C. Wisenbaker sold 9,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total value of $316,350.00. Following the sale, the executive vice president now directly owns 34,797 shares in the company, valued at approximately $1,223,114.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Michal Conaway sold 4,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total transaction of $143,160.00. Following the completion of the sale, the director now owns 17,152 shares in the company, valued at $613,870.08. The disclosure for this sale can be found here. Insiders sold a total of 17,000 shares of company stock worth $597,550 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Segantii Capital Management Ltd purchased a new stake in Quanta Services in the 1st quarter worth approximately $115,000. Tower Research Capital LLC TRC lifted its stake in Quanta Services by 182.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock worth $112,000 after purchasing an additional 2,190 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new stake in Quanta Services in the 1st quarter worth approximately $134,000. Bessemer Group Inc. lifted its stake in Quanta Services by 22.2% in the 2nd quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after purchasing an additional 840 shares in the last quarter. Finally, LBA Wealth Management LLC purchased a new stake in Quanta Services in the 1st quarter worth approximately $177,000. Institutional investors and hedge funds own 88.52% 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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