Quanta Services (NYSE:PWR) PT Raised to $288.00 at Evercore ISI

Quanta Services (NYSE:PWR) had its price objective boosted by equities research analysts at Evercore ISI from $255.00 to $288.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the construction company’s stock. Evercore ISI’s price target points to a potential upside of 8.74% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Stifel Nicolaus raised their target price on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. The Goldman Sachs Group boosted their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. B. Riley increased their target price on Quanta Services from $246.00 to $286.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Citigroup boosted their price target on Quanta Services from $275.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Truist Financial reaffirmed a “buy” rating and set a $305.00 price objective (up previously from $301.00) on shares of Quanta Services in a research report on Monday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $262.00.

Quanta Services Price Performance

PWR opened at $264.86 on Tuesday. The stock has a market cap of $38.77 billion, a P/E ratio of 51.33 and a beta of 1.10. Quanta Services has a 52-week low of $153.74 and a 52-week high of $271.96. The company has a quick ratio of 1.32, a current ratio of 1.36 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average of $252.43 and a 200 day moving average of $216.74.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same period last year, the company posted $1.54 earnings per share. As a group, sell-side analysts anticipate that Quanta Services will post 7.63 EPS for the current year.

Insiders Place Their Bets

In other news, Director Worthing Jackman sold 9,572 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the transaction, the director now directly owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Quanta Services news, Director Worthing Jackman sold 9,572 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the transaction, the director now owns 7,486 shares of the company’s stock, valued at $1,776,502.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Derrick A. Jensen sold 18,500 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the transaction, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock valued at $11,270,215 in the last 90 days. 1.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Private Ocean LLC purchased a new position in shares of Quanta Services during the 1st quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Quanta Services during the first quarter valued at about $26,000. Grove Bank & Trust boosted its position in shares of Quanta Services by 75.6% during the 3rd quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock worth $30,000 after purchasing an additional 68 shares during the period. Hazlett Burt & Watson Inc. increased its holdings in Quanta Services by 47.3% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in Quanta Services during the fourth quarter worth $34,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Company Profile

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company's Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.