Brokerages forecast that Quanta Services Inc (NYSE:PWR) will post sales of $2.96 billion for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Quanta Services’ earnings, with the lowest sales estimate coming in at $2.87 billion and the highest estimate coming in at $3.03 billion. Quanta Services posted sales of $2.61 billion in the same quarter last year, which suggests a positive year over year growth rate of 13.4%. The business is expected to report its next quarterly earnings report on Thursday, November 1st.
According to Zacks, analysts expect that Quanta Services will report full year sales of $10.59 billion for the current financial year, with estimates ranging from $10.55 billion to $10.63 billion. For the next year, analysts expect that the business will post sales of $11.27 billion, with estimates ranging from $11.10 billion to $11.44 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Quanta Services.
Quanta Services (NYSE:PWR) last released its earnings results on Thursday, August 2nd. The construction company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Quanta Services had a net margin of 3.10% and a return on equity of 7.72%. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.51 billion. During the same period in the prior year, the business posted $0.50 earnings per share. Quanta Services’s quarterly revenue was up 20.7% compared to the same quarter last year.
Several equities analysts recently weighed in on PWR shares. B. Riley raised their target price on shares of Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, August 6th. Zacks Investment Research raised Quanta Services from a “sell” rating to a “hold” rating in a report on Monday, July 23rd. ValuEngine downgraded Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Finally, Cfra reaffirmed a “buy” rating and set a $40.00 price target on shares of Quanta Services in a report on Thursday, September 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $45.80.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Alpine Woods Capital Investors LLC lifted its holdings in shares of Quanta Services by 15.0% during the second quarter. Alpine Woods Capital Investors LLC now owns 11,500 shares of the construction company’s stock worth $684,000 after buying an additional 1,500 shares in the last quarter. Peddock Capital Advisors LLC lifted its holdings in shares of Quanta Services by 7.8% during the second quarter. Peddock Capital Advisors LLC now owns 21,388 shares of the construction company’s stock worth $714,000 after buying an additional 1,542 shares in the last quarter. Ramsey Quantitative Systems lifted its holdings in shares of Quanta Services by 20.2% during the second quarter. Ramsey Quantitative Systems now owns 10,375 shares of the construction company’s stock worth $347,000 after buying an additional 1,741 shares in the last quarter. Greenwood Capital Associates LLC lifted its holdings in shares of Quanta Services by 21.5% during the second quarter. Greenwood Capital Associates LLC now owns 10,739 shares of the construction company’s stock worth $359,000 after buying an additional 1,900 shares in the last quarter. Finally, Palouse Capital Management Inc. lifted its holdings in shares of Quanta Services by 25.8% during the second quarter. Palouse Capital Management Inc. now owns 9,594 shares of the construction company’s stock worth $320,000 after buying an additional 1,965 shares in the last quarter. 85.09% of the stock is owned by institutional investors.
NYSE:PWR opened at $31.34 on Friday. Quanta Services has a 1-year low of $31.02 and a 1-year high of $40.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.82 and a quick ratio of 1.77. The firm has a market capitalization of $4.97 billion, a P/E ratio of 17.85, a PEG ratio of 1.65 and a beta of 0.89.
Quanta Services announced that its board has authorized a share buyback program on Tuesday, September 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the construction company to reacquire up to 9.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Quanta Services Company Profile
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
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