Quanta Services (NYSE:PWR) Price Target Raised to $303.00 at B. Riley

Quanta Services (NYSE:PWR) had its target price hoisted by B. Riley from $286.00 to $303.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the construction company’s stock.

Several other analysts have also issued reports on PWR. DA Davidson boosted their target price on shares of Quanta Services from $225.00 to $250.00 and gave the company a neutral rating in a research report on Tuesday, May 7th. Robert W. Baird upped their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an outperform rating in a research report on Friday, July 19th. The Goldman Sachs Group upped their price target on shares of Quanta Services from $259.00 to $286.00 and gave the stock a buy rating in a research report on Tuesday, May 28th. Argus upped their price target on shares of Quanta Services from $285.00 to $310.00 and gave the stock a buy rating in a research report on Thursday, May 30th. Finally, Truist Financial reiterated a buy rating and issued a $305.00 price target (up from $301.00) on shares of Quanta Services in a research report on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $281.00.

Quanta Services Stock Performance

NYSE PWR traded down $13.96 during trading hours on Friday, hitting $240.92. 1,787,626 shares of the company’s stock traded hands, compared to its average volume of 1,038,446. The business’s fifty day moving average price is $264.85 and its two-hundred day moving average price is $248.58. The company has a current ratio of 1.30, a quick ratio of 1.32 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $35.27 billion, a P/E ratio of 46.69 and a beta of 1.03. Quanta Services has a 52 week low of $153.74 and a 52 week high of $286.87.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, May 2nd. The construction company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.14. The company had revenue of $5.03 billion during the quarter, compared to analyst estimates of $4.96 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. Equities research analysts predict that Quanta Services will post 7.69 EPS for the current year.

Quanta Services Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were paid a dividend of $0.09 per share. The ex-dividend date of this dividend was Monday, July 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.15%. Quanta Services’s payout ratio is 6.98%.

Institutional Investors Weigh In On Quanta Services

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Quanta Services by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 16,341,230 shares of the construction company’s stock valued at $4,245,452,000 after acquiring an additional 105,355 shares during the period. JPMorgan Chase & Co. grew its stake in Quanta Services by 2.4% in the 1st quarter. JPMorgan Chase & Co. now owns 6,760,260 shares of the construction company’s stock valued at $1,756,316,000 after acquiring an additional 156,627 shares during the period. Capital World Investors grew its stake in Quanta Services by 10.7% in the 1st quarter. Capital World Investors now owns 6,643,733 shares of the construction company’s stock valued at $1,726,042,000 after acquiring an additional 643,011 shares during the period. Artisan Partners Limited Partnership boosted its stake in Quanta Services by 384.9% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,438,653 shares of the construction company’s stock worth $526,261,000 after purchasing an additional 1,935,786 shares during the last quarter. Finally, Norges Bank acquired a new stake in Quanta Services during the 4th quarter worth $335,777,000. Institutional investors and hedge funds own 90.49% of the company’s stock.

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.