Quanta Services (NYSE:PWR) Hits New 52-Week High – Here’s Why

Quanta Services, Inc. (NYSE:PWR) reached a new 52-week high during trading on Tuesday . The company traded as high as $351.01 and last traded at $350.94, with a volume of 713121 shares. The stock had previously closed at $337.46.

Wall Street Analyst Weigh In

PWR has been the subject of several recent analyst reports. Truist Financial dropped their price target on Quanta Services from $399.00 to $398.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Robert W. Baird raised their target price on shares of Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Northland Securities reiterated an “outperform” rating and issued a $328.00 price target (up previously from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. UBS Group lifted their price objective on Quanta Services from $313.00 to $367.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Finally, Daiwa Capital Markets initiated coverage on Quanta Services in a research report on Friday, December 6th. They set an “outperform” rating and a $355.00 target price for the company. Four analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $325.06.

Quanta Services Stock Down 0.8 %

The firm has a market capitalization of $52.33 billion, a PE ratio of 65.41 and a beta of 1.06. 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 fifty day simple moving average of $330.71 and a two-hundred day simple moving average of $298.51.

Quanta Services (NYSE:PWR) last posted its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter last year, the firm posted $2.08 EPS. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. Analysts forecast that Quanta Services, Inc. will post 7.9 EPS for the current fiscal year.

Quanta Services Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.11%. This is a positive change from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is currently 7.38%.

Hedge Funds Weigh In On Quanta Services

Large investors have recently made changes to their positions in the business. Webster Bank N. A. boosted its position in Quanta Services by 4,050.0% in the fourth quarter. Webster Bank N. A. now owns 83 shares of the construction company’s stock valued at $26,000 after buying an additional 81 shares during the last quarter. Prestige Wealth Management Group LLC acquired a new stake in Quanta Services during the 3rd quarter valued at approximately $30,000. Legacy Investment Solutions LLC purchased a new stake in shares of Quanta Services in the 3rd quarter valued at $31,000. Sound Income Strategies LLC increased its stake in shares of Quanta Services by 700.0% in the fourth quarter. Sound Income Strategies LLC now owns 104 shares of the construction company’s stock worth $33,000 after acquiring an additional 91 shares during the period. Finally, Versant Capital Management Inc raised its holdings in shares of 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 purchasing an additional 45 shares during the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

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.