Quanta Services, Inc. (PWR) Expected to Post Quarterly Sales of $2.31 Billion
Wall Street brokerages forecast that Quanta Services, Inc. (NYSE:PWR) will report $2.31 billion in sales for the current quarter, Zacks reports. Seven analysts have provided estimates for Quanta Services’ earnings, with the highest sales estimate coming in at $2.43 billion and the lowest estimate coming in at $2.20 billion. Quanta Services reported sales of $2.04 billion during the same quarter last year, which would suggest a positive year over year growth rate of 13.2%. The company is expected to announce its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Quanta Services will report full-year sales of $2.31 billion for the current fiscal year, with estimates ranging from $8.80 billion to $8.90 billion. For the next year, analysts expect that the business will post sales of $9.51 billion per share, with estimates ranging from $8.33 billion to $9.93 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Quanta Services.
Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates 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 prior year, the company posted $0.18 earnings per share. The company’s revenue was up 22.8% on a year-over-year basis.
Several research analysts have recently issued reports on the stock. ValuEngine lowered shares of Quanta Services from a “buy” rating to a “hold” rating in a research note on Tuesday. Seaport Global Securities reaffirmed a “buy” rating and issued a $45.00 target price on shares of Quanta Services in a research note on Wednesday. FBR & Co raised shares of Quanta Services to an “outperform” rating and raised their target price for the company from $40.00 to $45.00 in a research note on Wednesday, August 9th. BidaskClub raised shares of Quanta Services from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Zacks Investment Research lowered shares of Quanta Services from a “hold” rating to a “sell” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $41.90.
In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total transaction of $143,160.00. Following the sale, the director now directly owns 17,152 shares in the company, valued at approximately $613,870.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, 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 have sold a total of 17,000 shares of company stock worth $597,550 over the last 90 days. Corporate insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Cipher Capital LP raised its holdings in shares of Quanta Services by 873.6% in the second quarter. Cipher Capital LP now owns 215,010 shares of the construction company’s stock valued at $7,078,000 after purchasing an additional 192,926 shares during the last quarter. Rothschild Asset Management Inc. raised its holdings in shares of Quanta Services by 22.9% in the second quarter. Rothschild Asset Management Inc. now owns 1,252,249 shares of the construction company’s stock valued at $41,225,000 after purchasing an additional 233,008 shares during the last quarter. Morgan Stanley raised its holdings in shares of Quanta Services by 245.9% in the first quarter. Morgan Stanley now owns 812,832 shares of the construction company’s stock valued at $30,164,000 after purchasing an additional 577,842 shares during the last quarter. 1060 Capital LLC raised its holdings in shares of Quanta Services by 94.7% in the second quarter. 1060 Capital LLC now owns 632,811 shares of the construction company’s stock valued at $20,832,000 after purchasing an additional 307,811 shares during the last quarter. Finally, Osborne Partners Capital Management LLC raised its holdings in shares of Quanta Services by 11.0% in the second quarter. Osborne Partners Capital Management LLC now owns 223,975 shares of the construction company’s stock valued at $7,373,000 after purchasing an additional 22,230 shares during the last quarter. Institutional investors own 88.53% of the company’s stock.
Quanta Services (NYSE:PWR) traded down 0.13% during mid-day trading on Thursday, hitting $37.47. 105,379 shares of the company were exchanged. 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 $5.81 billion, a P/E ratio of 21.30 and a beta of 0.83. Quanta Services has a 12-month low of $27.29 and a 12-month high of $38.82.
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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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