Citigroup Cuts Quanta Services (NYSE:PWR) Price Target to $371.00

Quanta Services (NYSE:PWR) had its target price cut by research analysts at Citigroup from $394.00 to $371.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Citigroup’s target price indicates a potential upside of 26.31% from the stock’s current price.

Several other research analysts have also recently issued reports on PWR. Northland Securities reaffirmed an “outperform” rating and set a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. JPMorgan Chase & Co. lifted their price objective on shares of Quanta Services from $297.00 to $323.00 and gave the stock a “neutral” rating in a report on Tuesday. Robert W. Baird increased their target price on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Daiwa America upgraded shares of Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Finally, Bank of America initiated coverage on shares of Quanta Services in a research note on Friday, January 24th. They issued a “buy” rating and a $407.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $330.06.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $293.72 on Wednesday. The business has a 50-day simple moving average of $330.55 and a 200 day simple moving average of $300.60. Quanta Services has a one year low of $193.52 and a one year high of $365.88. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market capitalization of $43.36 billion, a price-to-earnings ratio of 54.19 and a beta of 1.06.

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 return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. On average, research analysts anticipate that Quanta Services will post 7.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Quanta Services

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PWR. State Street Corp lifted its stake in shares of Quanta Services by 1.6% during the 3rd quarter. State Street Corp now owns 5,748,637 shares of the construction company’s stock valued at $1,713,956,000 after buying an additional 89,975 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Quanta Services by 1.4% during the third quarter. Geode Capital Management LLC now owns 3,459,411 shares of the construction company’s stock worth $1,027,887,000 after acquiring an additional 46,357 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Quanta Services by 4.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,052 shares of the construction company’s stock worth $316,055,000 after acquiring an additional 43,715 shares during the period. Swedbank AB raised its stake in shares of Quanta Services by 4.6% during the 3rd quarter. Swedbank AB now owns 960,081 shares of the construction company’s stock valued at $286,248,000 after purchasing an additional 42,579 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Quanta Services by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 848,776 shares of the construction company’s stock worth $253,063,000 after purchasing an additional 11,565 shares in 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.