BidaskClub cut shares of Quanta Services, Inc. (NYSE:PWR) from a hold rating to a sell rating in a research report sent to investors on Monday, July 24th.
Other equities analysts have also recently issued research reports about the stock. UBS AG raised shares of Quanta Services from a neutral rating to a buy rating and increased their price objective for the stock from $38.00 to $42.00 in a research report on Thursday, July 13th. Robert W. Baird lowered their price objective on shares of Quanta Services from $43.00 to $41.00 and set an outperform rating for the company in a research report on Thursday, April 6th. Zacks Investment Research cut shares of Quanta Services from a hold rating to a sell rating in a research report on Wednesday, July 5th. TheStreet raised shares of Quanta Services from a c+ rating to a b- rating in a research report on Friday, July 7th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $43.00 price objective on shares of Quanta Services in a research report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $41.44.
Quanta Services (NYSE:PWR) opened at 34.04 on Monday. Quanta Services has a 12 month low of $24.49 and a 12 month high of $38.82. The stock has a market cap of $5.28 billion, a PE ratio of 19.35 and a beta of 0.84. The company’s 50 day moving average price is $34.19 and its 200 day moving average price is $34.68.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.53 by $0.03. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.13 billion. During the same period last year, the company earned $0.18 EPS. The business’s quarterly revenue was up 22.8% on a year-over-year basis. Equities analysts forecast that Quanta Services will post $2.03 EPS for the current fiscal year.
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Quanta Services announced that its Board of Directors has authorized a share buyback plan on Thursday, May 25th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In related news, Director John Michal Conaway sold 4,000 shares of Quanta Services stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total transaction of $143,160.00. Following the sale, the director now directly owns 17,152 shares in the company, valued at approximately $613,870.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in PWR. Vanguard Group Inc. raised its stake in shares of Quanta Services by 3.6% in the second quarter. Vanguard Group Inc. now owns 14,732,602 shares of the construction company’s stock valued at $484,998,000 after buying an additional 511,917 shares in the last quarter. BlackRock Inc. raised its stake in shares of Quanta Services by 1.3% in the second quarter. BlackRock Inc. now owns 8,465,126 shares of the construction company’s stock valued at $278,671,000 after buying an additional 105,066 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Quanta Services by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 6,543,704 shares of the construction company’s stock valued at $242,837,000 after buying an additional 125,263 shares in the last quarter. Victory Capital Management Inc. raised its position in Quanta Services by 38.6% in the second quarter. Victory Capital Management Inc. now owns 6,314,406 shares of the construction company’s stock worth $207,871,000 after buying an additional 1,758,319 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Quanta Services by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 4,698,399 shares of the construction company’s stock worth $154,657,000 after buying an additional 56,136 shares in the last quarter. Hedge funds and other institutional investors own 89.02% of the company’s stock.
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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