Quanta Services (NYSE:PWR) Shares Gap Up Following Analyst Upgrade

Shares of Quanta Services, Inc. (NYSE:PWR - Get Free Report) gapped up before the market opened on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $297.00 to $323.00. The stock had previously closed at $292.43, but opened at $311.42. JPMorgan Chase & Co. currently has a neutral rating on the stock. Quanta Services shares last traded at $296.67, with a volume of 476,957 shares changing hands.

Several other research firms have also commented on PWR. UBS Group upped their price objective on Quanta Services from $313.00 to $367.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Stifel Nicolaus boosted their price objective on Quanta Services from $374.00 to $388.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Daiwa America upgraded shares of Quanta Services to a "strong-buy" rating in a research note on Friday, December 6th. Citigroup increased their price objective on shares of Quanta Services from $348.00 to $394.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Finally, Northland Securities restated an "outperform" rating and set a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $330.06.

Institutional Investors Weigh In On Quanta Services

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Versor Investments LP purchased a new stake in shares of Quanta Services in the third quarter valued at approximately $406,000. Principal Financial Group Inc. grew its stake in Quanta Services by 5.6% in the 3rd quarter. Principal Financial Group Inc. now owns 207,720 shares of the construction company's stock valued at $61,932,000 after acquiring an additional 11,012 shares during the period. Asio Capital LLC purchased a new stake in Quanta Services in the 3rd quarter worth $2,715,000. Waverton Investment Management Ltd raised its position in Quanta Services by 6.5% during the third quarter. Waverton Investment Management Ltd now owns 41,963 shares of the construction company's stock worth $12,509,000 after acquiring an additional 2,557 shares during the period. Finally, Synovus Financial Corp grew its position in shares of Quanta Services by 34.0% in the third quarter. Synovus Financial Corp now owns 7,206 shares of the construction company's stock valued at $2,148,000 after purchasing an additional 1,830 shares during the period. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Up 1.6 %

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 business's 50 day moving average price is $329.88 and its 200 day moving average price is $300.59. The firm has a market cap of $44.10 billion, a PE ratio of 55.12 and a beta of 1.06.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping analysts' consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. Quanta Services's quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.08 earnings per share. On average, equities research analysts expect that Quanta Services, Inc. will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a $0.10 dividend. This is a boost from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.13%. The ex-dividend date of this dividend was Thursday, January 2nd. Quanta Services's dividend payout ratio is presently 7.38%.

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.