Quanta Services (NYSE:PWR)‘s stock had its “buy” rating restated by analysts at Cfra in a report released on Thursday. They currently have a $40.00 price objective on the construction company’s stock. Cfra’s price objective would suggest a potential upside of 17.92% from the stock’s current price.
The analysts wrote, “Revenues increased 24% in 2017, due to large projects and acquisitions. In 2018, we see 10.5%-11.0% growth, supported by increased seasonal activity in the second half of 2018, record backlog and a robust project pipeline continuing into 2019. Backlog was $11.5 billion as of 1.4% sequentially. In Q2, revenue increased 20.7%. Electronic Power revenue increased 20.7% due to consumer spending on electric transmission projects.””
A number of other equities research analysts also recently commented on the company. ValuEngine downgraded Quanta Services from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Zacks Investment Research upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Monday, July 23rd. Finally, B. Riley upped their price objective on Quanta Services from $52.00 to $53.00 and gave the company a “buy” rating in a report on Monday, August 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $45.73.
NYSE PWR opened at $33.92 on Thursday. The stock has a market capitalization of $5.08 billion, a P/E ratio of 19.06, a P/E/G ratio of 1.71 and a beta of 0.89. The company has a quick ratio of 1.77, a current ratio of 1.82 and a debt-to-equity ratio of 0.23. Quanta Services has a 12 month low of $32.19 and a 12 month high of $40.10.
Quanta Services (NYSE:PWR) last released its quarterly earnings data on Thursday, August 2nd. The construction company reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.51 billion. Quanta Services had a net margin of 3.10% and a return on equity of 7.72%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 EPS. equities research analysts predict that Quanta Services will post 2.5 EPS for the current year.
Quanta Services announced that its Board of Directors has initiated a stock repurchase program on Tuesday, September 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the construction company to purchase up to 9.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors have recently made changes to their positions in PWR. Optimum Investment Advisors bought a new stake in shares of Quanta Services in the first quarter worth about $101,000. Dupont Capital Management Corp increased its holdings in shares of Quanta Services by 202.9% in the second quarter. Dupont Capital Management Corp now owns 4,086 shares of the construction company’s stock worth $136,000 after acquiring an additional 2,737 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Quanta Services in the second quarter worth about $204,000. BlueMountain Capital Management LLC bought a new stake in shares of Quanta Services in the second quarter worth about $233,000. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in shares of Quanta Services in the second quarter worth about $244,000. Institutional investors own 85.03% of the company’s stock.
About Quanta Services
Quanta Services, Inc provides specialty contracting services to the electric power, communication, and oil and gas industries in the United States, Canada, Australia, Latin America, and internationally. Its Electric Power Infrastructure Services segment provides network solutions, including the design, installation, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities, as well as other engineering and technical services.
Further Reading: Leveraged Buyout (LBO)
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