Citigroup Issues Positive Forecast for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR) had its price objective increased by analysts at Citigroup from $348.00 to $394.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price target would indicate a potential upside of 21.96% from the stock’s previous close.

Other analysts also recently issued reports about the company. Robert W. Baird lifted their price target on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Wolfe Research began coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Northland Securities reissued an “outperform” rating and set a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Finally, UBS Group increased their target price on shares of Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Quanta Services has an average rating of “Moderate Buy” and an average price target of $319.69.

Quanta Services Stock Performance

PWR traded down $9.42 during trading on Monday, hitting $323.05. The stock had a trading volume of 611,917 shares, compared to its average volume of 893,606. Quanta Services has a twelve month low of $187.27 and a twelve month high of $350.19. The firm has a market capitalization of $47.69 billion, a P/E ratio of 59.60 and a beta of 1.03. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company’s 50-day moving average price is $319.67 and its 200 day moving average price is $285.47.

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

Institutional Trading of Quanta Services

A number of hedge funds have recently bought and sold shares of PWR. Versor Investments LP purchased a new position in shares of Quanta Services during the 3rd quarter worth $406,000. Wealth Enhancement Advisory Services LLC lifted its position in Quanta Services by 5.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company’s stock worth $9,366,000 after buying an additional 1,981 shares during the period. Asio Capital LLC acquired a new stake in Quanta Services in the 3rd quarter worth about $2,715,000. Waverton Investment Management Ltd increased its stake in shares of Quanta Services by 6.5% during the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after acquiring an additional 2,557 shares during the last quarter. Finally, Public Sector Pension Investment Board lifted its holdings in shares of Quanta Services by 4,701.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 153,559 shares of the construction company’s stock worth $39,018,000 after acquiring an additional 150,361 shares during the period. 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.