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

Quanta Services (NYSE:PWR - Free Report) had its target price trimmed by Truist Financial from $399.00 to $398.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a buy rating on the construction company's stock.

Several other equities analysts also recently weighed in on PWR. Northland Securities reissued an "outperform" rating and set a $328.00 target price (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. Stifel Nicolaus raised their price target on shares of Quanta Services from $343.00 to $374.00 and gave the stock a "buy" rating in a research note on Wednesday, December 11th. Wolfe Research assumed coverage on shares of Quanta Services in a research report on Thursday, September 19th. They issued an "outperform" rating and a $313.00 price objective for the company. Robert W. Baird upped their target price on shares of Quanta Services from $320.00 to $333.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. Finally, Citigroup boosted their price target on Quanta Services from $348.00 to $394.00 and gave the company a "buy" rating in a report on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $324.19.

Quanta Services Price Performance

NYSE PWR traded up $6.50 during trading on Thursday, hitting $335.92. 1,469,574 shares of the stock traded hands, compared to its average volume of 1,030,824. The firm has a 50-day simple moving average of $328.93 and a 200-day simple moving average of $295.24. Quanta Services has a 12-month low of $187.27 and a 12-month high of $350.19. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $49.59 billion, a P/E ratio of 61.98 and a beta of 1.06.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The construction company reported $2.72 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 business had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $6.56 billion. During the same period last year, the company posted $2.08 EPS. The business's revenue was up 15.5% on a year-over-year basis. As a group, analysts predict that Quanta Services will post 7.9 EPS for the current year.

Quanta Services Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.10 per share. The ex-dividend date was Thursday, January 2nd. This is an increase from Quanta Services's previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a yield of 0.12%. Quanta Services's payout ratio is currently 7.38%.

Hedge Funds Weigh In On Quanta Services

Institutional investors have recently modified their holdings of the stock. Prestige Wealth Management Group LLC purchased a new position in Quanta Services during the third quarter valued at approximately $30,000. Legacy Investment Solutions LLC purchased a new position in shares of Quanta Services during the 3rd quarter valued at approximately $31,000. Quest Partners LLC acquired a new position in shares of Quanta Services in the 2nd quarter valued at $35,000. Versant Capital Management Inc boosted its holdings in Quanta Services by 62.5% during the fourth quarter. Versant Capital Management Inc now owns 117 shares of the construction company's stock worth $37,000 after buying an additional 45 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Quanta Services during the third quarter valued at $41,000. Hedge funds and other institutional investors own 90.49% of the company's stock.

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.