DA Davidson Raises Quanta Services (NYSE:PWR) Price Target to $250.00

Quanta Services (NYSE:PWRFree Report) had its price target hoisted by DA Davidson from $225.00 to $250.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the construction company’s stock. DA Davidson also issued estimates for Quanta Services’ Q2 2024 earnings at $1.23 EPS, FY2024 earnings at $7.62 EPS and FY2025 earnings at $8.54 EPS.

PWR has been the topic of a number of other reports. TD Cowen boosted their target price on Quanta Services from $205.00 to $270.00 and gave the stock an outperform rating in a report on Tuesday, February 27th. The Goldman Sachs Group raised their target price on shares of Quanta Services from $227.00 to $259.00 and gave the stock a buy rating in a research note on Monday, February 26th. KeyCorp started coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a sector weight rating on the stock. Evercore ISI initiated coverage on Quanta Services in a report on Tuesday, February 13th. They set an outperform rating and a $237.00 price objective for the company. Finally, Citigroup lifted their price target on Quanta Services from $275.00 to $285.00 and gave the stock a buy rating in a report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $262.00.

Get Our Latest Stock Analysis on PWR

Quanta Services Stock Performance

NYSE PWR traded up $1.31 on Tuesday, hitting $271.48. 898,094 shares of the stock were exchanged, compared to its average volume of 951,966. The company has a market capitalization of $39.74 billion, a PE ratio of 52.61 and a beta of 1.10. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.36 and a quick ratio of 1.32. The business’s fifty day moving average is $253.63 and its 200 day moving average is $217.85. Quanta Services has a 52 week low of $153.74 and a 52 week high of $272.87.

Quanta Services (NYSE:PWRGet Free Report) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.25%. The company had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.19 billion. During the same period in the prior year, the firm earned $1.54 EPS. Quanta Services’s quarterly revenue was up 31.0% compared to the same quarter last year. Research analysts anticipate that Quanta Services will post 7.58 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 17th. Investors of record on Tuesday, April 9th were given a dividend of $0.09 per share. The ex-dividend date was Monday, April 8th. This represents a $0.36 annualized dividend and a yield of 0.13%. Quanta Services’s dividend payout ratio is 6.98%.

Insider Buying and Selling at Quanta Services

In other Quanta Services news, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the sale, the executive vice president now directly owns 40,065 shares in the company, valued at $10,494,626.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Derrick A. Jensen sold 18,500 shares of Quanta Services stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $236.90, for a total transaction of $4,382,650.00. Following the sale, the executive vice president now directly owns 263,725 shares in the company, valued at approximately $62,476,452.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Donald Wayne sold 1,101 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $261.94, for a total value of $288,395.94. Following the completion of the sale, the executive vice president now owns 40,065 shares of the company’s stock, valued at $10,494,626.10. The disclosure for this sale can be found here. Insiders have sold a total of 47,125 shares of company stock valued at $11,270,215 in the last ninety days. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quanta Services

Several institutional investors and hedge funds have recently made changes to their positions in PWR. Artisan Partners Limited Partnership boosted its position in shares of 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 valued at $526,261,000 after purchasing an additional 1,935,786 shares in the last quarter. Norges Bank bought a new stake in Quanta Services in the fourth quarter valued at $335,777,000. Public Employees Retirement Association of Colorado raised its stake in Quanta Services by 20,298.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock worth $228,248,000 after buying an additional 1,052,496 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Quanta Services by 8,297.7% in the 4th quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock worth $196,205,000 after purchasing an additional 901,548 shares in the last quarter. Finally, Capital World Investors lifted its stake in shares of Quanta Services by 11.6% in the fourth quarter. Capital World Investors now owns 6,000,722 shares of the construction company’s stock valued at $1,294,956,000 after buying an additional 624,545 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

About Quanta Services

(Get Free Report)

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.

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Analyst Recommendations for Quanta Services (NYSE:PWR)

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