Quanta Services (NYSE:PWR) Updates FY24 Earnings Guidance

Quanta Services (NYSE:PWR) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $8.15-8.65 for the period, compared to the consensus earnings per share estimate of $8.34. The company issued revenue guidance of $22.5-23.0 billion, compared to the consensus revenue estimate of $22.51 billion.

Wall Street Analysts Forecast Growth

Several research firms have commented on PWR. DA Davidson boosted their target price on shares of Quanta Services from $190.00 to $225.00 and gave the stock a neutral rating in a research report on Wednesday, February 28th. Citigroup boosted their target price on shares of Quanta Services from $275.00 to $285.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Stifel Nicolaus upped their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a buy rating in a report on Friday, February 23rd. The Goldman Sachs Group upped their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a report on Monday, February 26th. Finally, KeyCorp initiated coverage on shares of Quanta Services in a report on Wednesday, January 10th. They set a sector weight rating for the company. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $247.67.

Quanta Services Price Performance

NYSE:PWR opened at $251.31 on Thursday. The stock has a market cap of $36.79 billion, a P/E ratio of 51.10 and a beta of 1.10. Quanta Services has a one year low of $153.74 and a one year high of $265.82. The company has a fifty day moving average price of $249.81 and a 200 day moving average price of $213.59. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The firm had revenue of $5.78 billion during the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The business’s quarterly revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.54 EPS. Analysts anticipate that Quanta Services will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Stockholders of record on Tuesday, April 9th were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date was Monday, April 8th. Quanta Services’s dividend payout ratio is 7.19%.

Insider Activity

In other news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction 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 transaction, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Margaret B. Shannon sold 8,515 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $239.92, for a total value of $2,042,918.80. Following the completion of the transaction, the director now owns 34,063 shares in the company, valued at approximately $8,172,394.96. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Worthing Jackman sold 9,572 shares of the company’s stock in a transaction dated 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 completion of the sale, the director now directly owns 7,486 shares in the company, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,125 shares of company stock worth $11,270,215. 1.10% of the stock is currently owned by corporate insiders.

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.