Citigroup Has Lowered Expectations for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR - Free Report) had its price target decreased by Citigroup from $366.00 to $342.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a buy rating on the construction company's stock.

Several other brokerages also recently weighed in on PWR. Bank of America assumed coverage on shares of Quanta Services in a research note on Friday, January 24th. They set a "buy" rating and a $407.00 target price for the company. Piper Sandler started coverage on shares of Quanta Services in a research note on Tuesday, April 8th. They set an "overweight" rating and a $286.00 target price for the company. Daiwa Capital Markets downgraded shares of Quanta Services from an "outperform" rating to a "neutral" rating in a research report on Monday, February 24th. Roth Mkm started coverage on shares of Quanta Services in a research report on Friday, February 21st. They issued a "buy" rating and a $350.00 price objective for the company. Finally, Daiwa America upgraded shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $321.70.

Quanta Services Stock Performance

Shares of PWR stock traded up $5.52 during mid-day trading on Friday, hitting $287.64. 1,205,547 shares of the stock were exchanged, compared to its average volume of 1,640,927. The stock's fifty day simple moving average is $261.85 and its two-hundred day simple moving average is $300.39. The stock has a market capitalization of $42.65 billion, a price-to-earnings ratio of 47.70, a P/E/G ratio of 1.41 and a beta of 1.04. Quanta Services has a 12-month low of $227.08 and a 12-month high of $365.88. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.19 and a current ratio of 1.30.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business had revenue of $6.55 billion during the quarter, compared to the consensus estimate of $6.61 billion. On average, analysts forecast that Quanta Services will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Thursday, April 3rd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.14%. Quanta Services's dividend payout ratio (DPR) is presently 6.63%.

Hedge Funds Weigh In On Quanta Services

Several large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. lifted its position in Quanta Services by 0.7% during the fourth quarter. Geneos Wealth Management Inc. now owns 4,167 shares of the construction company's stock worth $1,317,000 after buying an additional 29 shares during the period. Commonwealth Financial Services LLC raised its holdings in shares of Quanta Services by 2.6% in the 4th quarter. Commonwealth Financial Services LLC now owns 1,152 shares of the construction company's stock worth $364,000 after purchasing an additional 29 shares during the period. HB Wealth Management LLC raised its holdings in shares of Quanta Services by 0.9% in the 4th quarter. HB Wealth Management LLC now owns 3,323 shares of the construction company's stock worth $1,050,000 after purchasing an additional 31 shares during the period. Moody Lynn & Lieberson LLC raised its holdings in shares of Quanta Services by 0.5% in the 4th quarter. Moody Lynn & Lieberson LLC now owns 6,141 shares of the construction company's stock worth $1,941,000 after purchasing an additional 32 shares during the period. Finally, Larson Financial Group LLC raised its holdings in shares of Quanta Services by 7.8% in the 4th quarter. Larson Financial Group LLC now owns 456 shares of the construction company's stock worth $144,000 after purchasing an additional 33 shares during the period. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

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.