Quanta Services (NYSE:PWR) Issues FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $8.50-8.80 for the period, compared to the consensus earnings per share estimate of $8.64. The company issued revenue guidance of $23.50-23.90 billion, compared to the consensus revenue estimate of $23.84 billion. Quanta Services also updated its FY 2024 guidance to 8.500-8.800 EPS.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PWR. Northland Securities reaffirmed an “outperform” rating and set a $328.00 price objective (up from $280.00) on shares of Quanta Services in a report on Friday. Jefferies Financial Group assumed coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target on the stock. Citigroup boosted their price objective on Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. UBS Group raised their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Finally, Robert W. Baird lifted their price target on Quanta Services from $320.00 to $333.00 and gave the stock an “outperform” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $314.27.

Quanta Services Trading Up 0.6 %

Shares of NYSE PWR traded up $1.87 during midday trading on Friday, reaching $303.50. 913,124 shares of the stock were exchanged, compared to its average volume of 661,167. The stock has a market capitalization of $44.71 billion, a P/E ratio of 56.00 and a beta of 1.01. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.23. The company has a 50 day simple moving average of $290.40 and a 200 day simple moving average of $272.68. Quanta Services has a twelve month low of $163.93 and a twelve month high of $317.91.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 earnings per share. As a group, equities analysts expect that Quanta Services will post 7.82 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders 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 dividend yield of 0.12%. Quanta Services’s payout ratio is presently 6.64%.

Insider Activity at Quanta Services

In other Quanta Services news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now owns 21,286 shares of the company’s stock, valued at $5,490,297.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 in the last three months. 1.10% of the stock is owned by company insiders.

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.