Quanta Services (NYSE:PWR) Shares Gap Up on Earnings Beat

Quanta Services, Inc. (NYSE:PWR - Get Free Report)'s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $292.07, but opened at $307.58. Quanta Services shares last traded at $288.63, with a volume of 861,290 shares traded.

The construction company reported $2.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.12. The business had revenue of $6.55 billion for the quarter, compared to analysts' expectations of $6.61 billion. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PWR shares. Stifel Nicolaus upped their price objective on Quanta Services from $374.00 to $388.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Truist Financial decreased their price objective on Quanta Services from $399.00 to $398.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. Bank of America started coverage on Quanta Services in a report on Friday, January 24th. They set a "buy" rating and a $407.00 price objective on the stock. BMO Capital Markets started coverage on Quanta Services in a report on Monday, February 3rd. They set an "outperform" rating and a $338.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on Quanta Services from $297.00 to $323.00 and gave the company a "neutral" rating in a report on Tuesday, January 28th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $331.53.

Hedge Funds Weigh In On Quanta Services

Several hedge funds have recently bought and sold shares of the business. Banque Transatlantique SA bought a new position in shares of Quanta Services during the 4th quarter worth $25,000. Webster Bank N. A. grew its position in shares of Quanta Services by 4,050.0% during the 4th quarter. Webster Bank N. A. now owns 83 shares of the construction company's stock worth $26,000 after buying an additional 81 shares in the last quarter. Quarry LP bought a new position in shares of Quanta Services during the 4th quarter worth $26,000. Sierra Ocean LLC bought a new position in shares of Quanta Services during the 4th quarter worth $27,000. Finally, Prestige Wealth Management Group LLC bought a new position in shares of Quanta Services during the 3rd quarter worth $30,000. Institutional investors own 90.49% of the company's stock.

Quanta Services Stock Down 4.1 %

The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 0.58. The business has a 50-day moving average price of $316.02 and a 200-day moving average price of $305.18. The firm has a market cap of $39.82 billion, a P/E ratio of 49.77, a P/E/G ratio of 1.46 and a beta of 1.05.

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.