Truist Financial Issues Pessimistic Forecast for Quanta Services (NYSE:PWR) Stock Price

Quanta Services (NYSE:PWR) had its target price lowered by investment analysts at Truist Financial from $399.00 to $398.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Truist Financial’s target price would indicate a potential upside of 18.07% from the company’s current price.

Several other research analysts have also recently weighed in on PWR. Daiwa Capital Markets assumed coverage on Quanta Services in a research report on Friday, December 6th. They issued an “outperform” rating and a $355.00 price objective on the stock. Stifel Nicolaus increased their price target on shares of Quanta Services from $343.00 to $374.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Northland Securities reaffirmed an “outperform” rating and issued a $328.00 price objective (up previously from $280.00) on shares of Quanta Services in a research report on Friday, November 1st. TD Cowen increased their target price on shares of Quanta Services from $280.00 to $335.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research assumed coverage on shares of Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target on the stock. Four investment 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.19.

Quanta Services Stock Performance

NYSE PWR opened at $337.10 on Thursday. The company has a fifty day moving average price of $329.35 and a 200-day moving average price of $296.14. The firm has a market cap of $49.76 billion, a price-to-earnings ratio of 62.20 and a beta of 1.06. 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 has a 1 year low of $187.27 and a 1 year high of $350.19.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data 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 business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the prior year, the firm posted $2.08 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Quanta Services will post 7.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Quanta Services

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Prestige Wealth Management Group LLC bought a new stake in Quanta Services during the 3rd quarter worth approximately $30,000. Legacy Investment Solutions LLC purchased a new position in shares of Quanta Services during the 3rd quarter valued at $31,000. Quest Partners LLC bought a new position in shares of Quanta Services in the second quarter worth $35,000. Versant Capital Management Inc raised its position in shares of Quanta Services by 62.5% in 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. bought a new stake in Quanta Services during the third quarter valued at $41,000. 90.49% of the stock is currently owned by institutional investors.

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.