Quanta Services (NYSE:PWR) Price Target Raised to $399.00 at Truist Financial

Quanta Services (NYSE:PWR - Free Report) had its price objective upped by Truist Financial from $358.00 to $399.00 in a research report released on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the construction company's stock.

Several other research analysts also recently weighed in on the company. Northland Securities reaffirmed an "outperform" rating and set a $328.00 target price (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. JPMorgan Chase & Co. assumed coverage on shares of Quanta Services in a research report on Monday, October 7th. They set a "neutral" rating and a $297.00 price objective for the company. Daiwa Capital Markets started coverage on shares of Quanta Services in a research report on Friday, December 6th. They issued an "outperform" rating and a $355.00 target price on the stock. UBS Group upped their price target on shares of Quanta Services from $313.00 to $367.00 and gave the stock a "buy" rating in a research report on Wednesday, October 23rd. Finally, TD Cowen raised their price target on shares of Quanta Services from $280.00 to $335.00 and gave the company a "buy" rating in a research note on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $324.25.

Quanta Services Stock Performance

NYSE:PWR traded up $1.97 during trading hours on Thursday, reaching $322.59. The company had a trading volume of 1,017,683 shares, compared to its average volume of 902,508. The firm has a market cap of $47.62 billion, a PE ratio of 59.52 and a beta of 1.03. Quanta Services has a 1-year low of $187.27 and a 1-year high of $350.19. The business's 50 day moving average price is $324.23 and its 200-day moving average price is $288.32. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19.

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

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.12%. The ex-dividend date of this dividend is Thursday, January 2nd. This is a positive change from Quanta Services's previous quarterly dividend of $0.09. Quanta Services's payout ratio is currently 7.38%.

Institutional Investors Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently bought and sold shares of PWR. Resurgent Financial Advisors LLC grew its stake in shares of Quanta Services by 0.7% in the 3rd quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company's stock valued at $1,423,000 after buying an additional 33 shares during the period. Tower Wealth Partners Inc. grew its position in Quanta Services by 3.1% in the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company's stock worth $335,000 after acquiring an additional 34 shares during the period. Huntington National Bank increased its stake in Quanta Services by 2.9% during the third quarter. Huntington National Bank now owns 1,240 shares of the construction company's stock worth $370,000 after acquiring an additional 35 shares during the last quarter. Terra Nova Asset Management LLC raised its position in Quanta Services by 0.3% in the third quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company's stock valued at $3,810,000 after purchasing an additional 38 shares during the period. Finally, Greenleaf Trust lifted its stake in shares of Quanta Services by 1.2% in the 3rd quarter. Greenleaf Trust now owns 3,154 shares of the construction company's stock valued at $940,000 after purchasing an additional 38 shares during 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.