Citigroup Lowers Quanta Services (NYSE:PWR) Price Target to $371.00

Quanta Services (NYSE:PWR) had its target price lowered by Citigroup from $394.00 to $371.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

PWR has been the subject of several other reports. Daiwa Capital Markets started coverage on Quanta Services in a research report on Friday, December 6th. They issued an “outperform” rating and a $355.00 target price for the company. JPMorgan Chase & Co. lifted their target price on shares of Quanta Services from $297.00 to $323.00 and gave the company a “neutral” rating in a research report on Tuesday. UBS Group increased 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. 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. Finally, Daiwa America raised Quanta Services to a “strong-buy” rating in a report on Friday, December 6th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Quanta Services has an average rating of “Moderate Buy” and an average target price of $330.06.

Quanta Services Stock Down 0.4 %

Shares of PWR opened at $308.10 on Wednesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.19 and a current ratio of 1.23. The company has a 50-day simple moving average of $328.59 and a 200-day simple moving average of $301.01. Quanta Services has a 52 week low of $193.52 and a 52 week high of $365.88. The firm has a market capitalization of $45.48 billion, a P/E ratio of 56.85, a P/E/G ratio of 1.49 and a beta of 1.06.

Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same quarter in the prior year, the firm posted $2.08 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. On average, equities research analysts expect that Quanta Services will post 7.9 earnings per share for the current year.

Quanta Services Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.10 per share. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 0.13%. The ex-dividend date of this dividend was Thursday, January 2nd. Quanta Services’s dividend payout ratio is 7.38%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PWR. Bank of Jackson Hole Trust bought a new stake in shares of Quanta Services during the fourth quarter worth $42,000. Kentucky Retirement Systems Insurance Trust Fund grew its position in shares of Quanta Services by 75.2% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,644 shares of the construction company’s stock worth $2,416,000 after buying an additional 3,282 shares during the period. Truist Financial Corp raised its stake in shares of Quanta Services by 3.9% during the fourth quarter. Truist Financial Corp now owns 479,857 shares of the construction company’s stock worth $151,659,000 after buying an additional 18,206 shares during the last quarter. Blue Chip Partners LLC lifted its stake in shares of Quanta Services by 78.2% in the 4th quarter. Blue Chip Partners LLC now owns 56,681 shares of the construction company’s stock valued at $17,914,000 after purchasing an additional 24,866 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in Quanta Services by 4.6% in the fourth quarter. CIBC Asset Management Inc now owns 22,404 shares of the construction company’s stock valued at $7,081,000 after buying an additional 992 shares during the period. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Company Profile

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.