Quanta Services (NYSE:PWR) Posts Earnings Results, Beats Expectations By $0.16 EPS

Quanta Services (NYSE:PWRGet Rating) posted its quarterly earnings data on Thursday. The construction company reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.16, Briefing.com reports. The firm had revenue of $4.23 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Quanta Services had a return on equity of 14.98% and a net margin of 3.38%. The business’s quarterly revenue was up 41.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 EPS. Quanta Services updated its FY22 guidance to $6.10-6.44 EPS and its FY 2022 guidance to $6.10-$6.44 EPS.

Quanta Services Price Performance

Shares of Quanta Services stock traded up $3.50 on Friday, hitting $136.91. The company’s stock had a trading volume of 1,287,181 shares, compared to its average volume of 1,476,940. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.48 and a current ratio of 1.51. Quanta Services has a 1 year low of $90.09 and a 1 year high of $146.84. The firm has a fifty day moving average price of $128.11 and a 200-day moving average price of $120.39. The company has a market capitalization of $19.68 billion, a price-to-earnings ratio of 41.49 and a beta of 1.10.

Quanta Services Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Friday, July 1st were paid a $0.07 dividend. The ex-dividend date was Thursday, June 30th. This represents a $0.28 annualized dividend and a dividend yield of 0.20%. Quanta Services’s dividend payout ratio is presently 8.48%.

Analyst Ratings Changes

A number of analysts have commented on the company. The Goldman Sachs Group lifted their price target on Quanta Services from $127.00 to $143.00 and gave the stock a “buy” rating in a research report on Thursday, April 7th. Cowen lifted their price target on Quanta Services from $130.00 to $145.00 in a research report on Thursday, May 26th. Citigroup lifted their price target on Quanta Services from $145.00 to $152.00 in a research report on Friday, July 22nd. Credit Suisse Group set a $157.00 price target on Quanta Services in a research report on Tuesday, July 19th. Finally, Robert W. Baird lifted their price target on Quanta Services from $136.00 to $147.00 and gave the stock an “outperform” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Quanta Services has a consensus rating of “Moderate Buy” and a consensus price target of $144.31.

Insider Activity at Quanta Services

In related news, CEO Earl C. Jr. Austin sold 135,000 shares of Quanta Services stock in a transaction dated Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the completion of the transaction, the chief executive officer now owns 689,030 shares in the company, valued at approximately $87,148,514.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Quanta Services news, Director Vincent D. Foster sold 14,948 shares of the business’s stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total transaction of $1,778,961.48. Following the completion of the sale, the director now directly owns 204,925 shares in the company, valued at approximately $24,388,124.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Earl C. Jr. Austin sold 135,000 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the sale, the chief executive officer now owns 689,030 shares of the company’s stock, valued at $87,148,514.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Quanta Services

Several large investors have recently bought and sold shares of the company. SVB Wealth LLC increased its stake in Quanta Services by 5.0% during the 1st quarter. SVB Wealth LLC now owns 3,222 shares of the construction company’s stock worth $424,000 after buying an additional 154 shares in the last quarter. Toroso Investments LLC boosted its holdings in shares of Quanta Services by 8.1% during the 1st quarter. Toroso Investments LLC now owns 2,589 shares of the construction company’s stock worth $341,000 after purchasing an additional 193 shares during the last quarter. Wetherby Asset Management Inc. boosted its holdings in shares of Quanta Services by 8.6% during the 1st quarter. Wetherby Asset Management Inc. now owns 2,712 shares of the construction company’s stock worth $357,000 after purchasing an additional 215 shares during the last quarter. Raymond James Trust N.A. boosted its holdings in shares of Quanta Services by 8.3% during the 1st quarter. Raymond James Trust N.A. now owns 4,949 shares of the construction company’s stock worth $652,000 after purchasing an additional 379 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in shares of Quanta Services by 197.2% during the 1st quarter. Covestor Ltd now owns 627 shares of the construction company’s stock worth $83,000 after purchasing an additional 416 shares during the last quarter. 87.16% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Company Profile

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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.

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Earnings History for Quanta Services (NYSE:PWR)

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