Quanta Services (NYSE:PWR) Stock Price Expected to Rise, Truist Financial Analyst Says

Quanta Services (NYSE:PWR) had its price objective upped by Truist Financial from $358.00 to $399.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Truist Financial’s target price points to a potential upside of 23.51% from the stock’s previous close.

Several other analysts have also recently commented on PWR. Citigroup raised their target price on Quanta Services from $348.00 to $394.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Daiwa America upgraded shares of Quanta Services to a “strong-buy” rating in a research note on Friday, December 6th. Robert W. Baird increased their target price on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Finally, TD Cowen increased their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and an average target price of $324.25.

Quanta Services Stock Performance

PWR stock traded up $2.43 during mid-day trading on Thursday, reaching $323.05. The company had a trading volume of 134,528 shares, compared to its average volume of 898,596. Quanta Services has a one year low of $187.27 and a one year high of $350.19. The stock 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 quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The stock’s 50-day simple moving average is $323.97 and its two-hundred day simple moving average is $288.09.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 earnings per share 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 firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period last year, the firm posted $2.08 EPS. Quanta Services’s quarterly revenue was up 15.5% compared to the same quarter last year. Research analysts anticipate that Quanta Services will post 7.9 EPS for the current year.

Institutional Investors Weigh In On Quanta Services

A number of large investors have recently made changes to their positions in PWR. Resurgent Financial Advisors LLC grew its position in Quanta Services by 0.7% during the 3rd quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company’s stock worth $1,423,000 after purchasing an additional 33 shares in the last quarter. Tower Wealth Partners Inc. grew its holdings in shares of Quanta Services by 3.1% during the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock valued at $335,000 after buying an additional 34 shares in the last quarter. Huntington National Bank raised its position in Quanta Services by 2.9% during the third quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock valued at $370,000 after buying an additional 35 shares during the period. Terra Nova Asset Management LLC lifted its stake in Quanta Services by 0.3% in the 3rd quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after acquiring an additional 38 shares in the last quarter. Finally, Greenleaf Trust lifted its stake in Quanta Services by 1.2% in the 3rd quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock worth $940,000 after acquiring an additional 38 shares in the last quarter. 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.