Quanta Services (NYSE:PWR) Releases FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.50-8.80 for the period, compared to the consensus EPS estimate of $8.64. The company issued revenue guidance of $23.50-23.90 billion, compared to the consensus revenue estimate of $23.84 billion. Quanta Services also updated its FY 2024 guidance to 8.500-8.800 EPS.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PWR shares. JPMorgan Chase & Co. began coverage on shares of Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price objective for the company. TD Cowen lifted their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Wolfe Research initiated coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective for the company. UBS Group lifted their target price on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial raised their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Stock Up 0.6 %

NYSE:PWR traded up $1.87 during trading hours on Friday, hitting $303.50. 913,124 shares of the stock traded hands, compared to its average volume of 661,167. The firm has a market cap of $44.71 billion, a price-to-earnings ratio of 56.00 and a beta of 1.01. The firm has a 50 day moving average price of $290.40 and a 200 day moving average price of $272.68. The company has a current ratio of 1.23, a quick ratio of 1.25 and a debt-to-equity ratio of 0.58. Quanta Services has a fifty-two week low of $163.93 and a fifty-two week high of $317.91.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the prior year, the business earned $2.08 EPS. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Equities research analysts anticipate that Quanta Services will post 7.82 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 annualized dividend and a yield of 0.12%. Quanta Services’s dividend payout ratio is presently 6.64%.

Insiders Place Their Bets

In other news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock worth $53,115,572 in the last quarter. 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.