Quanta Services (NYSE:PWR) Shares Gap Down – Here’s What Happened

Quanta Services, Inc. (NYSE:PWR)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $358.03, but opened at $314.94. Quanta Services shares last traded at $308.59, with a volume of 1,101,376 shares traded.

Analysts Set New Price Targets

Several equities research analysts have commented on PWR shares. Guggenheim started coverage on Quanta Services in a research note on Wednesday, January 8th. They issued a “neutral” rating on the stock. Northland Securities reaffirmed an “outperform” rating and issued a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Robert W. Baird upped their price objective on Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Daiwa Capital Markets started coverage on shares of Quanta Services in a research report on Friday, December 6th. They set an “outperform” rating and a $355.00 price target on the stock. Finally, Daiwa America raised shares of Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $330.06.

Quanta Services Stock Up 0.4 %

The stock’s fifty day simple moving average is $330.55 and its 200-day simple moving average is $300.60. The stock has a market cap of $43.36 billion, a P/E ratio of 54.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23.

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. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.08 earnings per share. As a group, research analysts forecast that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, January 2nd. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 7.38%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PWR. Webster Bank N. A. boosted its stake in shares of Quanta Services by 4,050.0% in the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after purchasing an additional 81 shares in the last quarter. Prestige Wealth Management Group LLC bought a new stake in shares of Quanta Services during the third quarter worth $30,000. Legacy Investment Solutions LLC acquired a new position in shares of Quanta Services during the third quarter worth $31,000. Sound Income Strategies LLC lifted its stake in shares of Quanta Services by 700.0% in the 4th quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock valued at $33,000 after acquiring an additional 91 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Quanta Services by 62.5% during the 4th quarter. Versant Capital Management Inc now owns 117 shares of the construction company’s stock valued at $37,000 after acquiring an additional 45 shares in the last quarter. 90.49% of the stock is owned by institutional investors.

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.