Piper Sandler Initiates Coverage on Quanta Services (NYSE:PWR)

Stock analysts at Piper Sandler began coverage on shares of Quanta Services (NYSE:PWR) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $286.00 price target on the construction company’s stock. Piper Sandler’s price target would indicate a potential upside of 16.70% from the company’s previous close.

Several other equities analysts have also recently commented on PWR. Guggenheim began coverage on shares of Quanta Services in a research note on Wednesday, January 8th. They set a “neutral” rating for the company. JPMorgan Chase & Co. increased their target price on shares of Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a research note on Tuesday, January 28th. B. Riley restated a “neutral” rating and set a $300.00 price target (down from $343.00) on shares of Quanta Services in a research note on Wednesday, March 19th. Truist Financial reduced their price objective on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Roth Capital upgraded Quanta Services to a “strong-buy” rating in a research report on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and an average target price of $324.75.

Quanta Services Stock Performance

Shares of NYSE PWR opened at $245.07 on Tuesday. The business’s 50-day simple moving average is $272.20 and its 200-day simple moving average is $304.12. 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 has a 52 week low of $227.08 and a 52 week high of $365.88. The firm has a market cap of $36.32 billion, a price-to-earnings ratio of 40.64, a P/E/G ratio of 1.41 and a beta of 1.04.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.12. The company had revenue of $6.55 billion for the quarter, compared to analyst estimates of $6.61 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. As a group, equities research analysts expect that Quanta Services will post 9.34 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PWR. Geneos Wealth Management Inc. lifted its holdings in Quanta Services by 0.7% in the fourth quarter. Geneos Wealth Management Inc. now owns 4,167 shares of the construction company’s stock valued at $1,317,000 after buying an additional 29 shares during the period. Commonwealth Financial Services LLC grew its stake in Quanta Services by 2.6% in the fourth quarter. Commonwealth Financial Services LLC now owns 1,152 shares of the construction company’s stock valued at $364,000 after purchasing an additional 29 shares in the last quarter. HB Wealth Management LLC increased its position in shares of Quanta Services by 0.9% during 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 last quarter. Moody Lynn & Lieberson LLC raised its stake in shares of Quanta Services by 0.5% during 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 in the last quarter. Finally, Larson Financial Group LLC boosted 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 valued at $144,000 after buying an additional 33 shares during the last quarter. Institutional investors and hedge funds 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.