Quanta Services (PWR) Upgraded to “Buy” at Zacks Investment Research

Quanta Services (NYSE:PWR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm currently has a $39.00 price target on the construction company’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.31% from the stock’s previous close.

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. Going forward, the company expects strong performance from pipeline projects, driven by a considerable increase in large pipeline revenue contributions. 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, shares of Quanta Services have underperformed the industry in the last three months. Moreover, 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.”

Other research analysts have also recently issued reports about the stock. B. Riley lifted their price objective on shares of Quanta Services from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Tuesday, November 7th. Citigroup lifted their price objective on shares of Quanta Services from $47.00 to $53.00 and gave the company a “buy” rating in a research note on Tuesday. Stephens reissued a “buy” rating and issued a $49.00 price objective on shares of Quanta Services in a research note on Wednesday, January 31st. KeyCorp reissued a “buy” rating and issued a $45.00 price objective on shares of Quanta Services in a research note on Friday, November 3rd. Finally, Stifel Nicolaus reissued a “buy” rating on shares of Quanta Services in a research note on Thursday, December 14th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $45.33.

Shares of Quanta Services (NYSE PWR) traded up $0.02 during trading hours on Friday, reaching $33.53. 2,074,278 shares of the company were exchanged, compared to its average volume of 1,508,758. The company has a market capitalization of $5,180.00, a PE ratio of 18.12, a price-to-earnings-growth ratio of 1.77 and a beta of 0.79. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.85 and a quick ratio of 1.80. Quanta Services has a fifty-two week low of $30.23 and a fifty-two week high of $40.10.

Several hedge funds and other institutional investors have recently bought and sold shares of PWR. FMR LLC grew its stake in shares of Quanta Services by 14.8% during the second quarter. FMR LLC now owns 446,644 shares of the construction company’s stock worth $14,703,000 after buying an additional 57,431 shares during the last quarter. M&T Bank Corp grew its stake in shares of Quanta Services by 8.6% during the second quarter. M&T Bank Corp now owns 8,806 shares of the construction company’s stock worth $290,000 after buying an additional 695 shares during the last quarter. Suntrust Banks Inc. grew its stake in shares of Quanta Services by 7.5% during the second quarter. Suntrust Banks Inc. now owns 10,077 shares of the construction company’s stock worth $331,000 after buying an additional 700 shares during the last quarter. Numeric Investors LLC bought a new stake in shares of Quanta Services during the second quarter worth $421,000. Finally, Employees Retirement System of Texas grew its stake in shares of Quanta Services by 92.9% during the second quarter. Employees Retirement System of Texas now owns 27,000 shares of the construction company’s stock worth $889,000 after buying an additional 13,000 shares during the last quarter. 86.68% of the stock is currently owned by hedge funds and other institutional investors.

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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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