Quanta Services (NYSE:PWR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Quanta Services remains confident about the prospects of its end markets over the next two years, as CAPEX and OPEX spends are expected to rise. The company’s communications infrastructure services business is also anticipated to benefit from present industry trends. Additionally, Quanta Services is actively pursuing opportunities with various U.S. telecom and cable MSOs. Also, the company's recent bolt-on acquisitions to stoke growth looks impressive. However, current volatility in the oil and gas market, along with reduced consumer spending, has been affecting the company’s projects and orders, adding to woes. Moreover, shares of Quanta Services have underperformed the industry in the last three months. Also, project losses and delays remain threats. This apart, intensifying competition in the industry and currency fluctuations is affecting the company’s profits.”
A number of other equities analysts also recently commented on the company. Robert W. Baird reiterated a “hold” rating and set a $39.00 price objective on shares of Quanta Services in a research report on Friday, October 6th. ValuEngine downgraded Quanta Services from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. KeyCorp reiterated a “buy” rating and set a $46.00 price objective on shares of Quanta Services in a research report on Wednesday, November 29th. Seaport Global Securities reiterated a “buy” rating and set a $45.00 price objective (up previously from $41.00) on shares of Quanta Services in a research report on Wednesday, October 11th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of Quanta Services in a research report on Thursday, December 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $44.73.
Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.63 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.30 billion. Quanta Services had a return on equity of 8.47% and a net margin of 3.18%. The business’s revenue was up 27.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 earnings per share. analysts forecast that Quanta Services will post 1.77 earnings per share for the current year.
A number of large investors have recently bought and sold shares of PWR. Mckinley Capital Management LLC Delaware purchased a new stake in Quanta Services in the third quarter valued at $111,000. Tower Research Capital LLC TRC raised its position in Quanta Services by 182.5% in the second quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock valued at $112,000 after purchasing an additional 2,190 shares during the period. Intact Investment Management Inc. purchased a new stake in Quanta Services in the third quarter valued at $209,000. Maple Capital Management Inc. purchased a new stake in Quanta Services in the third quarter valued at $213,000. Finally, IFC Holdings Incorporated FL purchased a new stake in Quanta Services in the third quarter valued at $226,000. Institutional investors own 85.85% of the company’s stock.
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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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