Quanta Services (NYSE:PWR) Coverage Initiated at Wolfe Research

Wolfe Research assumed coverage on shares of Quanta Services (NYSE:PWR) in a report published on Thursday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $313.00 price target on the construction company’s stock.

PWR has been the topic of several other reports. TD Cowen boosted their price target on shares of Quanta Services from $270.00 to $280.00 and gave the stock a buy rating in a research report on Thursday, August 8th. Robert W. Baird boosted their price objective on Quanta Services from $287.00 to $288.00 and gave the stock an outperform rating in a report on Friday, July 19th. Citigroup lifted their target price on shares of Quanta Services from $299.00 to $302.00 and gave the stock a buy rating in a research report on Monday, July 22nd. B. Riley upped their price target on shares of Quanta Services from $286.00 to $303.00 and gave the company a buy rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a hold rating and a $256.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $286.69.

Quanta Services Stock Up 0.4 %

Quanta Services stock opened at $290.89 on Thursday. Quanta Services has a 52 week low of $153.74 and a 52 week high of $293.80. The stock has a market cap of $42.58 billion, a price-to-earnings ratio of 56.37 and a beta of 1.01. The company’s 50-day moving average price is $262.17 and its two-hundred day moving average price is $261.71. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion for the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the company earned $1.47 earnings per share. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts expect that Quanta Services will post 7.82 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a dividend of $0.09 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Insider Activity at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of Quanta Services stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 202,357 shares of company stock valued at $53,115,572. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Quanta Services

Several large investors have recently bought and sold shares of PWR. EntryPoint Capital LLC bought a new position in shares of Quanta Services during the 1st quarter worth about $25,000. Private Ocean LLC acquired a new position in Quanta Services in the 1st quarter valued at approximately $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Quanta Services during the 1st quarter worth approximately $26,000. Cambridge Trust Co. bought a new stake in Quanta Services in the 1st quarter valued at $26,000. Finally, Valley Wealth Managers Inc. acquired a new position in Quanta Services in the second quarter worth about $33,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

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.