Quanta Services (NYSE:PWR) Coverage Initiated at Guggenheim

Guggenheim initiated coverage on shares of Quanta Services (NYSE:PWR) in a research report report published on Wednesday, MarketBeat.com reports. The brokerage issued a neutral rating on the construction company’s stock.

Other analysts have also issued research reports about the stock. Wolfe Research initiated coverage on shares of Quanta Services in a research note on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Northland Securities reaffirmed an “outperform” rating and issued a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. JPMorgan Chase & Co. initiated 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. Daiwa Capital Markets initiated coverage on shares of Quanta Services in a report on Friday, December 6th. They issued an “outperform” rating and a $355.00 price target for the company. Finally, Truist Financial boosted their price objective on Quanta Services from $358.00 to $399.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Quanta Services presently has an average rating of “Moderate Buy” and an average target price of $324.25.

Quanta Services Trading Down 2.5 %

NYSE PWR opened at $311.97 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The firm’s fifty day moving average price is $327.84 and its 200 day moving average price is $293.33. The company has a market capitalization of $46.05 billion, a price-to-earnings ratio of 57.56 and a beta of 1.06. Quanta Services has a 12 month low of $187.27 and a 12 month high of $350.19.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.08 EPS. On average, sell-side analysts expect that Quanta Services will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $0.40 annualized dividend and a yield of 0.13%. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 7.38%.

Institutional Trading of Quanta Services

Hedge funds have recently bought and sold shares of the stock. Private Advisor Group LLC lifted its holdings in shares of Quanta Services by 14.0% during the 2nd quarter. Private Advisor Group LLC now owns 9,791 shares of the construction company’s stock valued at $2,488,000 after purchasing an additional 1,202 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Quanta Services during the 2nd quarter valued at $1,031,000. Quest Partners LLC purchased a new stake in shares of Quanta Services during the 2nd quarter valued at $35,000. Prudential PLC increased its position in shares of Quanta Services by 123.1% in the 2nd quarter. Prudential PLC now owns 9,254 shares of the construction company’s stock valued at $2,351,000 after acquiring an additional 5,106 shares during the period. Finally, Wedbush Securities Inc. acquired a new position in shares of Quanta Services in the 2nd quarter valued at $258,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

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.