Stifel Nicolaus reissued their buy rating on shares of Quanta Services, Inc. (NYSE:PWR) in a research note issued to investors on Thursday morning. Stifel Nicolaus currently has a $45.00 target price on the construction company’s stock.
Several other research firms have also recently issued reports on PWR. Credit Suisse Group reaffirmed a buy rating and issued a $47.00 price target on shares of Quanta Services in a report on Friday, August 4th. Johnson Rice raised shares of Quanta Services from an accumulate rating to a buy rating and upped their price target for the company from $41.00 to $43.00 in a report on Friday, August 4th. BidaskClub raised shares of Quanta Services from a strong sell rating to a sell rating in a report on Saturday, June 10th. FBR & Co raised shares of Quanta Services to an outperform rating and upped their price target for the company from $40.00 to $45.00 in a report on Wednesday, August 9th. Finally, TheStreet cut shares of Quanta Services from a b rating to a c+ rating in a report on Friday, May 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Quanta Services currently has a consensus rating of Buy and a consensus price target of $41.44.
Quanta Services (PWR) opened at 36.13 on Thursday. The stock has a market capitalization of $5.61 billion, a P/E ratio of 20.54 and a beta of 0.83. Quanta Services has a 52-week low of $24.49 and a 52-week high of $38.82. The company has a 50 day moving average of $34.93 and a 200-day moving average of $34.53.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by $0.03. The company had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.13 billion. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The company’s revenue was up 22.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. Equities research analysts anticipate that Quanta Services will post $2.03 EPS for the current year.
Quanta Services announced that its board has authorized a stock repurchase plan on Thursday, May 25th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the construction company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Patrick Wood III sold 4,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $34.51, for a total transaction of $138,040.00. Following the completion of the transaction, the director now owns 7,506 shares in the company, valued at $259,032.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Randall C. Wisenbaker sold 9,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $35.15, for a total transaction of $316,350.00. Following the transaction, the executive vice president now owns 34,797 shares of the company’s stock, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,000 shares of company stock valued at $597,550. 0.70% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in shares of Quanta Services by 182.5% during the second quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock worth $112,000 after acquiring an additional 2,190 shares during the last quarter. Segantii Capital Management Ltd bought a new position in shares of Quanta Services during the first quarter worth about $115,000. Ameritas Investment Partners Inc. bought a new position in shares of Quanta Services during the first quarter worth about $134,000. Bessemer Group Inc. grew its position in shares of Quanta Services by 22.2% during the second quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock worth $152,000 after acquiring an additional 840 shares during the last quarter. Finally, Commonwealth Bank of Australia bought a new position in shares of Quanta Services during the second quarter worth about $164,000. Institutional investors and hedge funds own 88.52% of the company’s stock.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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