Quanta Services (NYSE:PWR) Price Target Raised to $323.00

Quanta Services (NYSE:PWR) had its target price increased by JPMorgan Chase & Co. from $297.00 to $323.00 in a research note published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the construction company’s stock.

A number of other research firms also recently issued reports on PWR. Truist Financial decreased their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Stifel Nicolaus increased their price target on shares of Quanta Services from $374.00 to $388.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Citigroup boosted their price objective on shares of Quanta Services from $348.00 to $394.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Bank of America assumed coverage on shares of Quanta Services in a report on Friday, January 24th. They set a “buy” rating and a $407.00 target price for the company. Finally, Daiwa Capital Markets began coverage on Quanta Services in a research note on Friday, December 6th. They issued an “outperform” rating and a $355.00 price target on the stock. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $330.06.

Quanta Services Stock Up 3.9 %

Shares of NYSE PWR opened at $309.52 on Tuesday. The firm’s fifty day moving average is $329.27 and its 200 day moving average is $300.65. Quanta Services has a 52 week low of $193.52 and a 52 week high of $365.88. 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 company has a market cap of $45.69 billion, a price-to-earnings ratio of 57.11 and a beta of 1.06.

Quanta Services (NYSE:PWR) last posted its 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. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The business’s revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.08 earnings per share. On average, equities research analysts expect that Quanta Services will post 7.9 earnings per share for the current 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 paid a $0.10 dividend. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.13%. The ex-dividend date was Thursday, January 2nd. Quanta Services’s dividend payout ratio (DPR) is 7.38%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Quanta Services by 3.4% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 2,220 shares of the construction company’s stock valued at $702,000 after buying an additional 72 shares in the last quarter. Allworth Financial LP raised its holdings in Quanta Services by 27.2% during the fourth quarter. Allworth Financial LP now owns 1,842 shares of the construction company’s stock valued at $582,000 after acquiring an additional 394 shares during the period. Principal Securities Inc. lifted its position in shares of Quanta Services by 9.0% in the fourth quarter. Principal Securities Inc. now owns 2,259 shares of the construction company’s stock valued at $714,000 after acquiring an additional 187 shares in the last quarter. Everhart Financial Group Inc. grew its position in shares of Quanta Services by 3.0% during the fourth quarter. Everhart Financial Group Inc. now owns 4,265 shares of the construction company’s stock worth $1,348,000 after purchasing an additional 125 shares in the last quarter. Finally, Vivid Wealth Management LLC bought a new stake in Quanta Services during the 4th quarter valued at approximately $2,191,000. 90.49% of the stock is currently 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.