Quanta Services, Inc. (PWR) Rating Lowered to Hold at Zacks Investment Research
Quanta Services, Inc. (NYSE:PWR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Over the past one year, shares of Quanta Services have outperformed that of the industry. Quanta Services remains confident about the prospects of its end markets over the next two years. The company believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars. Its communications infrastructure services business is also expected to benefit from present industry trends. However, on the flip side, lack of a commissioner quorum in Federal Energy Regulatory Commission (“FERC”) has put up a lot of major projects on hold, adding to Quanta Services’ woes. Also, project losses and delays, pose as threats. In addition, seasonality and the cancellation of pipeline projects in the oil and gas business are likely to impact the company’s backlog.”
A number of other equities analysts have also recently issued reports on PWR. BidaskClub cut shares of Quanta Services from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Stifel Nicolaus reissued a “buy” rating and issued a $43.00 target price on shares of Quanta Services in a research report on Friday, July 7th. TheStreet raised Quanta Services from a “c+” rating to a “b-” rating in a research report on Friday, July 7th. UBS AG raised Quanta Services from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $38.00 to $42.00 in a research report on Thursday, July 13th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $46.00 target price on shares of Quanta Services in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Quanta Services presently has an average rating of “Buy” and an average target price of $42.40.
Shares of Quanta Services (PWR) traded down 0.77% during mid-day trading on Tuesday, hitting $37.55. 369,181 shares of the stock traded hands. The company’s 50-day moving average price is $36.70 and its 200 day moving average price is $34.46. Quanta Services has a 1-year low of $27.29 and a 1-year high of $38.82. The company has a market capitalization of $5.83 billion, a PE ratio of 21.35 and a beta of 0.83.
Quanta Services (NYSE:PWR) last announced its quarterly 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). The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The business’s revenue for the quarter was up 22.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts forecast that Quanta Services will post $2.03 EPS for the current fiscal year.
In other news, Director John Michal Conaway sold 4,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were 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 of the company’s stock, valued at approximately $613,870.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, the executive vice president now directly owns 34,797 shares of the company’s stock, valued at approximately $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 valued at $597,550 in the last ninety days. Insiders own 0.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cipher Capital LP increased its position in shares of Quanta Services by 873.6% during the 2nd 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. increased its position in shares of Quanta Services by 22.9% during the 2nd 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 increased its position in shares of Quanta Services by 245.9% during the 1st 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 increased its position in shares of Quanta Services by 94.7% during the 2nd 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 increased its position in shares of Quanta Services by 11.0% during the 2nd 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. 88.48% of the stock is owned by hedge funds and other institutional investors.
Quanta Services Company Profile
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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