Quanta Services (NYSE:PWR) Issues FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.15-8.65 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial assumed coverage on Quanta Services in a research note on Thursday, March 14th. They issued a buy rating and a $301.00 target price on the stock. The Goldman Sachs Group raised their target price on Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a research note on Monday, February 26th. TD Cowen raised their target price on Quanta Services from $205.00 to $270.00 and gave the stock an outperform rating in a research note on Tuesday, February 27th. KeyCorp assumed coverage on Quanta Services in a research note on Wednesday, January 10th. They issued a sector weight rating on the stock. Finally, Citigroup raised their target price on Quanta Services from $275.00 to $285.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Quanta Services presently has a consensus rating of Moderate Buy and a consensus target price of $255.85.

Quanta Services Stock Up 0.5 %

Shares of PWR traded up $1.33 during mid-day trading on Friday, reaching $256.33. The company had a trading volume of 970,817 shares, compared to its average volume of 893,668. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.44 and a current ratio of 1.36. The firm has a 50-day moving average price of $250.69 and a 200 day moving average price of $214.68. Quanta Services has a 52 week low of $153.74 and a 52 week high of $265.82. The company has a market capitalization of $37.52 billion, a price-to-earnings ratio of 49.68 and a beta of 1.10.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.21. The business had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.19 billion. Quanta Services had a return on equity of 16.25% and a net margin of 3.57%. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.54 EPS. On average, sell-side analysts forecast that Quanta Services will post 7.63 EPS for the current year.

Quanta Services Announces Dividend

The business 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. The ex-dividend date of this dividend was Monday, April 8th. This represents a $0.36 annualized dividend and a dividend yield of 0.14%. Quanta Services’s dividend payout ratio (DPR) is 6.98%.

Insider Transactions at Quanta Services

In other Quanta Services news, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the sale, the executive vice president now owns 263,725 shares in the company, valued at approximately $62,476,452.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Derrick A. Jensen sold 18,500 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total value of $4,382,650.00. Following the completion of the transaction, the executive vice president now owns 263,725 shares of the company’s stock, valued at approximately $62,476,452.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Worthing Jackman sold 9,572 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total transaction of $2,271,531.32. Following the completion of the transaction, the director now directly owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The disclosure for this sale can be found here. Insiders sold 47,125 shares of company stock worth $11,270,215 in the last three months. Corporate insiders own 1.10% 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.