Quanta Services (PWR) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Quanta Services (NYSE:PWR) from a sell rating to a hold rating in a research note released on Friday morning.
According to Zacks, “Quanta Services remains confident about the prospects of its end markets over the next two years, as CAPEX and OPEX spends are expected to rise. The company’s communications infrastructure services business is also anticipated to benefit from present industry trends. Additionally, Quanta Services is actively pursuing opportunities with various U.S. telecom and cable MSOs. Also, the company's recent bolt-on acquisitions to stoke growth looks impressive. However, current volatility in the oil and gas market, along with reduced consumer spending, has been affecting the company’s projects and orders, adding to woes. Moreover, shares of Quanta Services have underperformed the industry in the last three months. Also, project losses and delays remain threats. This apart, intensifying competition in the industry and currency fluctuations is affecting the company’s profits.”
Several other research firms have also issued reports on PWR. B. Riley upped their price target on Quanta Services from $45.00 to $48.00 and gave the company a buy rating in a research report on Tuesday, November 7th. Robert W. Baird set a $42.00 price target on Quanta Services and gave the company a hold rating in a research report on Wednesday, January 3rd. KeyCorp reissued a buy rating and set a $46.00 price target on shares of Quanta Services in a research report on Wednesday, November 29th. Seaport Global Securities reissued a buy rating and set a $45.00 price target (up from $41.00) on shares of Quanta Services in a research report on Wednesday, October 11th. Finally, ValuEngine lowered Quanta Services from a buy rating to a hold rating in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Quanta Services currently has an average rating of Buy and an average price target of $44.73.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.30 billion. Quanta Services had a return on equity of 8.47% and a net margin of 3.18%. The business’s revenue was up 27.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.55 EPS. equities research analysts forecast that Quanta Services will post 1.77 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Quanta Services by 3.6% in the second quarter. Vanguard Group Inc. now owns 14,732,602 shares of the construction company’s stock worth $484,998,000 after buying an additional 511,917 shares during the period. BlackRock Inc. increased its position in Quanta Services by 1.3% in the second quarter. BlackRock Inc. now owns 8,465,126 shares of the construction company’s stock worth $278,671,000 after buying an additional 105,066 shares during the period. Dimensional Fund Advisors LP increased its position in Quanta Services by 4.5% in the third quarter. Dimensional Fund Advisors LP now owns 4,910,693 shares of the construction company’s stock worth $183,515,000 after buying an additional 212,294 shares during the period. Jennison Associates LLC increased its position in Quanta Services by 17.5% in the third quarter. Jennison Associates LLC now owns 2,422,833 shares of the construction company’s stock worth $90,541,000 after buying an additional 360,803 shares during the period. Finally, Voya Investment Management LLC increased its position in Quanta Services by 6.4% in the second quarter. Voya Investment Management LLC now owns 2,365,961 shares of the construction company’s stock worth $77,888,000 after buying an additional 141,477 shares during the period. 85.85% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services Company Profile
Quanta Services, Inc is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products.
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