Jefferies Financial Group Initiates Coverage on Quanta Services (NYSE:PWR)

Jefferies Financial Group began coverage on shares of Quanta Services (NYSE:PWR) in a report issued on Wednesday morning, MarketBeat reports. The firm issued a hold rating and a $256.00 target price on the construction company’s stock.

PWR has been the topic of a number of other research reports. Evercore ISI boosted their price objective on Quanta Services from $255.00 to $288.00 and gave the stock an outperform rating in a research note on Tuesday, May 7th. Truist Financial reissued a buy rating and issued a $319.00 price objective (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. B. Riley boosted their price objective on Quanta Services from $286.00 to $303.00 and gave the stock a buy rating in a research note on Friday, August 2nd. 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 research note on Friday, July 19th. Finally, Argus boosted their price objective on Quanta Services from $285.00 to $310.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $284.50.

Quanta Services Stock Performance

Shares of NYSE:PWR opened at $247.92 on Wednesday. The business’s fifty day moving average price is $259.33 and its two-hundred day moving average price is $259.18. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $286.87. The stock has a market capitalization of $36.29 billion, a price-to-earnings ratio of 48.05 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.30 and a quick ratio of 1.25.

Quanta Services (NYSE:PWR) last announced its quarterly earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the business posted $1.47 earnings per share. The business’s revenue was up 10.8% compared to the same quarter last year. As a group, analysts predict that Quanta Services will post 7.78 EPS for the current fiscal year.

Quanta Services Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given 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 0.15%. Quanta Services’s payout ratio is currently 6.98%.

Insider Activity at Quanta Services

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

Institutional Investors Weigh In On Quanta Services

Several large investors have recently made changes to their positions in PWR. Aveo Capital Partners LLC increased its holdings in Quanta Services by 11.0% during the 4th quarter. Aveo Capital Partners LLC now owns 1,313 shares of the construction company’s stock worth $283,000 after purchasing an additional 130 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in shares of Quanta Services during the fourth quarter worth about $217,000. National Bank of Canada FI raised its position in Quanta Services by 59.2% in the 4th quarter. National Bank of Canada FI now owns 81,850 shares of the construction company’s stock valued at $17,124,000 after buying an additional 30,433 shares during the last quarter. Private Advisor Group LLC lifted its stake in Quanta Services by 5.4% in the 4th quarter. Private Advisor Group LLC now owns 8,303 shares of the construction company’s stock valued at $1,792,000 after acquiring an additional 428 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Quanta Services by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 801,409 shares of the construction company’s stock worth $172,944,000 after acquiring an additional 16,227 shares during the last quarter. Institutional investors 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.