Quanta Services, Inc. (PWR) Receives “Buy” Rating from Seaport Global Securities
Quanta Services, Inc. (NYSE:PWR)‘s stock had its “buy” rating reiterated by stock analysts at Seaport Global Securities in a report issued on Wednesday. They currently have a $45.00 target price on the construction company’s stock. Seaport Global Securities’ price objective indicates a potential upside of 19.94% from the company’s previous close.
A number of other equities analysts have also recently issued reports on the company. Stifel Nicolaus reissued a “buy” rating and issued a $45.00 target price on shares of Quanta Services in a report on Thursday, September 7th. BidaskClub cut Quanta Services from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Credit Suisse Group reissued a “buy” rating and issued a $47.00 target price on shares of Quanta Services in a report on Friday, August 4th. Zacks Investment Research raised Quanta Services from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Monday, July 24th. Finally, Citigroup Inc. raised Quanta Services from a “neutral” rating to a “buy” rating and set a $40.00 price target for the company in a report on Friday, August 18th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $41.90.
Quanta Services (NYSE:PWR) traded up 0.43% on Wednesday, reaching $37.52. The company had a trading volume of 975,872 shares. Quanta Services has a one year low of $27.29 and a one year high of $38.82. The company has a 50-day moving average of $36.47 and a 200 day moving average of $34.46. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of 21.33 and a beta of 0.83.
Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.13 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The company’s quarterly revenue was up 22.8% on a year-over-year basis. On average, equities research analysts predict that Quanta Services will post $2.03 EPS for the current year.
In other Quanta Services news, Director Patrick Wood III sold 4,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $34.51, for a total value of $138,040.00. Following the transaction, the director now directly owns 7,506 shares in the company, valued at approximately $259,032.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now owns 34,797 shares in the company, valued at $1,223,114.55. 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.
A number of institutional investors and hedge funds have recently made changes to their positions in PWR. UBS Asset Management Americas Inc. boosted its position in Quanta Services by 0.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 111,775 shares of the construction company’s stock valued at $4,148,000 after buying an additional 945 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Quanta Services by 62.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 12,185 shares of the construction company’s stock valued at $452,000 after buying an additional 4,677 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Quanta Services in the 1st quarter valued at $134,000. Mason Street Advisors LLC boosted its position in Quanta Services by 1.0% in the 1st quarter. Mason Street Advisors LLC now owns 20,898 shares of the construction company’s stock valued at $776,000 after buying an additional 214 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in Quanta Services by 196.7% in the 1st quarter. Nordea Investment Management AB now owns 7,026 shares of the construction company’s stock valued at $261,000 after buying an additional 4,658 shares during the last quarter. Hedge funds and other institutional investors own 88.53% 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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