Quanta Services, Inc. (NYSE:PWR) Forecasted to Earn Q2 2024 Earnings of $1.23 Per Share

Quanta Services, Inc. (NYSE:PWR) – Investment analysts at DA Davidson issued their Q2 2024 EPS estimates for Quanta Services in a research note issued to investors on Tuesday, May 7th. DA Davidson analyst B. Thielman anticipates that the construction company will earn $1.23 per share for the quarter. DA Davidson currently has a “Neutral” rating and a $250.00 price objective on the stock. The consensus estimate for Quanta Services’ current full-year earnings is $7.63 per share. DA Davidson also issued estimates for Quanta Services’ FY2024 earnings at $7.62 EPS.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The business had revenue of $5.78 billion during the quarter, compared to the consensus estimate of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company’s revenue was up 31.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.54 earnings per share.

Other research analysts also recently issued research reports about the stock. Truist Financial restated a “buy” rating and set a $305.00 price target (up previously from $301.00) on shares of Quanta Services in a research report on Monday. The Goldman Sachs Group upped their price target on shares of Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Stifel Nicolaus upped their price target on shares of Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. B. Riley upped their price target on shares of Quanta Services from $246.00 to $286.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Finally, KeyCorp started coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Quanta Services currently has an average rating of “Moderate Buy” and a consensus target price of $262.00.

Quanta Services Stock Down 0.8 %

PWR opened at $264.86 on Thursday. Quanta Services has a twelve month low of $153.74 and a twelve month 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 company has a 50-day moving average price of $252.43 and a 200 day moving average price of $216.74. The company has a market cap of $38.77 billion, a PE ratio of 51.33 and a beta of 1.10.

Quanta Services Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were paid a $0.09 dividend. The ex-dividend date was Monday, April 8th. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insider Activity

In other news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction that occurred on 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 completion of the sale, the director now owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Quanta Services news, EVP Donald Wayne sold 595 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $239.61, for a total value of $142,567.95. Following the completion of the transaction, the executive vice president now owns 41,954 shares of the company’s stock, valued at approximately $10,052,597.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Worthing Jackman sold 9,572 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the completion of the transaction, the director now directly owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. Insiders sold a total of 47,125 shares of company stock valued at $11,270,215 in the last 90 days. Company insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

A number of hedge funds and other institutional investors have recently modified their holdings of PWR. Private Ocean LLC acquired a new stake in shares of Quanta Services in the 1st quarter valued at $26,000. Salomon & Ludwin LLC acquired a new stake in Quanta Services during the 1st quarter worth $26,000. Grove Bank & Trust raised its stake in 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 acquiring an additional 68 shares in the last quarter. Hazlett Burt & Watson Inc. raised its stake in Quanta Services by 47.3% during the 4th quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Quanta Services during the 4th quarter worth $34,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

About Quanta Services

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.