Quanta Services (NYSE:PWR) Price Target Raised to $348.00 at Citigroup

Quanta Services (NYSE:PWR - Free Report) had its price target lifted by Citigroup from $302.00 to $348.00 in a report published on Friday, Benzinga reports. Citigroup currently has a buy rating on the construction company's stock.

A number of other analysts have also recently commented on the company. Truist Financial restated a buy rating and issued a $319.00 price objective (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Jefferies Financial Group initiated coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They set a hold rating and a $256.00 price objective for the company. TD Cowen lifted their target price on shares of Quanta Services from $270.00 to $280.00 and gave the company a buy rating in a research report on Thursday, August 8th. Robert W. Baird upped their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an outperform rating in a research report on Friday, July 19th. Finally, B. Riley lifted their price objective on Quanta Services from $286.00 to $303.00 and gave the stock a buy rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Quanta Services presently has a consensus rating of Moderate Buy and a consensus price target of $290.23.

Quanta Services Stock Performance

Shares of NYSE:PWR traded up $7.32 during trading on Friday, hitting $305.72. 618,436 shares of the stock traded hands, compared to its average volume of 909,987. The company has a quick ratio of 1.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.45. The company has a fifty day moving average price of $269.36 and a two-hundred day moving average price of $264.90. Quanta Services has a 52-week low of $153.74 and a 52-week high of $306.50. The company has a market cap of $44.75 billion, a price-to-earnings ratio of 58.85 and a beta of 1.01.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.15. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The business had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm posted $1.47 earnings per share. The company's revenue was up 10.8% compared to the same quarter last year. As a group, equities analysts predict that Quanta Services will post 7.82 EPS for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date is Tuesday, October 1st. Quanta Services's dividend payout ratio (DPR) is currently 6.98%.

Insiders Place Their Bets

In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction dated 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 transaction, the chief operating officer now directly owns 29,002 shares of the company's stock, valued at $7,541,390.06. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Quanta Services news, COO James Redgie Probst sold 34,000 shares of the firm's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the sale, the chief operating officer now owns 29,002 shares of the company's stock, valued at $7,541,390.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the company's stock in a transaction 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 completion of the transaction, the insider now directly owns 10,631 shares in the company, valued at approximately $2,875,791.81. 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 valued at $53,115,572 in the last three months. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Quanta Services

Institutional investors have recently made changes to their positions in the stock. Nomura Holdings Inc. purchased a new stake in shares of Quanta Services in the 4th quarter valued at $631,000. Wellington Management Group LLP increased its stake in Quanta Services by 581.3% during the fourth quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company's stock worth $25,252,000 after purchasing an additional 99,840 shares during the period. Vanguard Group Inc. lifted its position in shares of Quanta Services by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company's stock worth $3,503,702,000 after purchasing an additional 191,334 shares in the last quarter. Allen Investment Management LLC boosted its stake in shares of Quanta Services by 1,418.0% in the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company's stock valued at $8,676,000 after purchasing an additional 31,196 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Quanta Services by 5.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 36,862 shares of the construction company's stock valued at $9,366,000 after purchasing an additional 1,981 shares in the last quarter. 90.49% of the stock is currently 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.