Citigroup Increases Quanta Services (NYSE:PWR) Price Target to $285.00

Quanta Services (NYSE:PWR) had its target price raised by equities researchers at Citigroup from $275.00 to $285.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Citigroup’s price target points to a potential upside of 13.12% from the stock’s current price.

A number of other equities analysts have also recently issued reports on PWR. Truist Financial began coverage on shares of Quanta Services in a research note on Thursday, March 14th. They issued a “buy” rating and a $301.00 price target on the stock. DA Davidson upped their price target on shares of Quanta Services from $190.00 to $225.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 28th. KeyCorp started coverage on shares of Quanta Services in a research note on Wednesday, January 10th. They set a “sector weight” rating on the stock. Evercore ISI started coverage on shares of Quanta Services in a research note on Tuesday, February 13th. They set an “outperform” rating and a $237.00 target price on the stock. Finally, Stifel Nicolaus upped their target price on shares of Quanta Services from $237.00 to $252.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $243.23.

Quanta Services Stock Up 2.6 %

NYSE:PWR opened at $251.95 on Monday. The firm’s 50-day moving average price is $243.37 and its 200-day moving average price is $209.86. The company has a market capitalization of $36.88 billion, a PE ratio of 50.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.47 and a quick ratio of 1.44. Quanta Services has a 1-year low of $153.74 and a 1-year high of $265.82.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, February 22nd. The construction company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The firm had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.19 billion. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The company’s revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 EPS. On average, equities analysts predict that Quanta Services will post 7.63 EPS for the current fiscal year.

Insider Transactions at Quanta Services

In other news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the transaction, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Worthing Jackman sold 9,572 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the completion of the sale, the director now directly owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donald Wayne sold 595 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $239.61, for a total transaction of $142,567.95. Following the completion of the sale, the executive vice president now directly owns 41,954 shares of the company’s stock, valued at $10,052,597.94. The disclosure for this sale can be found here. Insiders have sold 47,125 shares of company stock worth $11,270,215 in the last quarter. Company insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Quanta Services

Several institutional investors and hedge funds have recently modified their holdings of PWR. Private Ocean LLC bought a new stake in shares of Quanta Services during the first quarter valued at approximately $26,000. Grove Bank & Trust raised its position in shares of Quanta Services by 75.6% during the third quarter. Grove Bank & Trust now owns 158 shares of the construction company’s stock valued at $30,000 after buying an additional 68 shares during the last quarter. Geneos Wealth Management Inc. raised its position in shares of Quanta Services by 1,730.0% during the third quarter. Geneos Wealth Management Inc. now owns 183 shares of the construction company’s stock valued at $34,000 after buying an additional 173 shares during the last quarter. Hazlett Burt & Watson Inc. raised its position in shares of Quanta Services by 47.3% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 162 shares of the construction company’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Quanta Services in the fourth quarter worth about $34,000. 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.