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

Quanta Services (NYSE:PWR) had its target price hoisted by Truist Financial from $358.00 to $399.00 in a report issued on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the construction company’s stock.

A number of other research analysts also recently issued reports on the company. Stifel Nicolaus boosted their price target on Quanta Services from $343.00 to $374.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Jefferies Financial Group started coverage on Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. TD Cowen raised their price target on Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Finally, Robert W. Baird upped their target price on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $324.25.

Quanta Services Price Performance

NYSE:PWR opened at $322.59 on Thursday. Quanta Services has a 52-week low of $187.27 and a 52-week high of $350.19. The firm has a market capitalization of $47.62 billion, a price-to-earnings ratio of 59.52 and a beta of 1.03. The stock has a fifty day moving average of $324.54 and a 200 day moving average of $288.56. 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 posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $6.56 billion. During the same period in the prior year, the business posted $2.08 earnings per share. The company’s revenue was up 15.5% on a year-over-year basis. On average, research analysts expect that Quanta Services will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend is Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is currently 7.38%.

Hedge Funds Weigh In On Quanta Services

Several hedge funds have recently bought and sold shares of the company. Versor Investments LP acquired a new stake in shares of Quanta Services during the third quarter worth about $406,000. Asio Capital LLC purchased a new stake in Quanta Services during the 3rd quarter worth approximately $2,715,000. Waverton Investment Management Ltd boosted its position in Quanta Services by 6.5% in the 3rd quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company’s stock valued at $12,509,000 after buying an additional 2,557 shares during the period. Public Sector Pension Investment Board grew its stake in shares of Quanta Services by 4,701.7% in the second 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 in the last quarter. Finally, Synovus Financial Corp increased its holdings in Quanta Services by 34.0% during the 3rd quarter. Synovus Financial Corp now owns 7,206 shares of the construction company’s stock worth $2,148,000 after purchasing an additional 1,830 shares during the period. Institutional investors and hedge funds own 90.49% 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.