Quanta Services (NYSE:PWR) Coverage Initiated by Analysts at Bank of America

Bank of America began coverage on shares of Quanta Services (NYSE:PWR) in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $407.00 price target on the construction company’s stock. Bank of America‘s price target would suggest a potential upside of 14.80% from the company’s previous close.

Several other brokerages have also issued reports on PWR. Truist Financial reduced their price objective on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. UBS Group lifted their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Guggenheim assumed coverage on shares of Quanta Services in a research note on Wednesday, January 8th. They issued a “neutral” rating for the company. Daiwa Capital Markets assumed coverage on Quanta Services in a report on Friday, December 6th. They issued an “outperform” rating and a $355.00 target price on the stock. Finally, TD Cowen raised their price objective on shares of Quanta Services from $280.00 to $335.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $329.88.

Quanta Services Stock Performance

NYSE:PWR opened at $354.52 on Friday. The company’s 50-day moving average is $330.71 and its two-hundred day moving average is $298.51. Quanta Services has a 1-year low of $192.62 and a 1-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 $52.33 billion, a price-to-earnings ratio of 65.41 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 analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.56 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $2.08 earnings per share. Analysts forecast that Quanta Services will post 7.9 EPS for the current year.

Hedge Funds Weigh In On Quanta Services

Several institutional investors have recently bought and sold shares of the company. Evergreen Capital Management LLC increased its stake in shares of Quanta Services by 4.8% during the second quarter. Evergreen Capital Management LLC now owns 1,603 shares of the construction company’s stock worth $407,000 after acquiring an additional 74 shares during the period. AXA S.A. increased its position in Quanta Services by 5.9% during the 2nd quarter. AXA S.A. now owns 83,358 shares of the construction company’s stock worth $21,180,000 after purchasing an additional 4,659 shares during the period. APG Asset Management N.V. raised its stake in shares of Quanta Services by 236.6% during the 2nd quarter. APG Asset Management N.V. now owns 17,401 shares of the construction company’s stock worth $4,125,000 after buying an additional 12,231 shares in the last quarter. MBB Public Markets I LLC lifted its holdings in shares of Quanta Services by 1,802.9% in the 2nd quarter. MBB Public Markets I LLC now owns 18,972 shares of the construction company’s stock valued at $4,821,000 after buying an additional 17,975 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Quanta Services by 1.6% in the second quarter. Mackenzie Financial Corp now owns 12,762 shares of the construction company’s stock valued at $3,243,000 after buying an additional 204 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

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.