Quanta Services (NYSE:PWR) Releases FY 2024 Earnings Guidance

Quanta Services (NYSE:PWR) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 8.500-8.800 for the period, compared to the consensus estimate of 8.630. The company issued revenue guidance of $23.5 billion-$23.9 billion, compared to the consensus revenue estimate of $23.8 billion. Quanta Services also updated its FY24 guidance to $8.50-8.80 EPS.

Quanta Services Price Performance

Shares of Quanta Services stock traded down $7.51 on Thursday, hitting $304.12. 564,989 shares of the company traded hands, compared to its average volume of 883,487. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The business has a 50-day simple moving average of $288.27 and a 200 day simple moving average of $271.82. Quanta Services has a 52 week low of $153.74 and a 52 week high of $317.91. The stock has a market capitalization of $44.81 billion, a P/E ratio of 58.77 and a beta of 1.01.

Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the prior year, the firm earned $2.08 EPS. The business’s revenue was up 15.5% on a year-over-year basis. Research analysts expect that Quanta Services will post 7.82 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is 6.79%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Northland Securities increased their price objective on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. B. Riley raised their price target on shares of Quanta Services from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research note on Monday, October 7th. They issued a “neutral” rating and a $297.00 price objective on the stock. Stifel Nicolaus upped their price target on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Finally, UBS Group boosted their price objective on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $308.07.

Insider Buying and Selling at Quanta Services

In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the completion of the sale, the insider now owns 21,286 shares in the company, valued at $5,490,297.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO James Redgie Probst sold 34,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the transaction, the chief operating officer now directly owns 29,002 shares in the company, valued at $7,541,390.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,357 shares of company stock valued at $53,115,572 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.

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.