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

Shares of Quanta Services, Inc. (NYSE:PWR) 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 trading hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PWR shares. Truist Financial reduced their price target on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Robert W. Baird upped their price target on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Daiwa America upgraded Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Bank of America began coverage on shares of Quanta Services in a research note on Friday. They set a “buy” rating and a $407.00 target price for the company. Finally, Guggenheim began coverage on Quanta Services in a research report on Wednesday, January 8th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $329.88.

Quanta Services Price Performance

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 firm’s 50-day moving average is $332.01 and its 200-day moving average is $300.23. The company has a market cap of $44.05 billion, a PE ratio of 55.06 and a beta of 1.06.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. The company had revenue of $6.49 billion during 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%. Quanta Services’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the company earned $2.08 EPS. On average, equities analysts anticipate that Quanta Services, Inc. will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.10 dividend. The ex-dividend date was Thursday, January 2nd. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.13%. Quanta Services’s dividend payout ratio is 7.38%.

Hedge Funds Weigh In On Quanta Services

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. raised its holdings in shares of Quanta Services by 0.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 4,167 shares of the construction company’s stock worth $1,317,000 after purchasing an additional 29 shares during the last quarter. Commonwealth Financial Services LLC raised its position in Quanta Services by 2.6% during the fourth quarter. Commonwealth Financial Services LLC now owns 1,152 shares of the construction company’s stock valued at $364,000 after acquiring an additional 29 shares in the last quarter. HB Wealth Management LLC increased its holdings in Quanta Services by 0.9% in the fourth quarter. HB Wealth Management LLC now owns 3,323 shares of the construction company’s stock valued at $1,050,000 after buying an additional 31 shares in the last quarter. Moody Lynn & Lieberson LLC boosted its position in Quanta Services by 0.5% during the fourth quarter. Moody Lynn & Lieberson LLC now owns 6,141 shares of the construction company’s stock worth $1,941,000 after purchasing an additional 32 shares in the last quarter. Finally, Resurgent Financial Advisors LLC increased its holdings in Quanta Services by 0.7% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company’s stock worth $1,423,000 after acquiring an additional 33 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other 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.