Quanta Services, Inc. (NYSE:PWR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
According to Zacks, “Quanta Services has a dreadful earnings history – with three consecutive earnings misses over the trailing four quarters. Lack of a commissioner quorum in Federal Energy Regulatory Commission (“FERC”) has put up a lot of major projects on hold, adding to the company’ woes. In addition, seasonality and the cancellation of pipeline projects in the oil and gas business are likely to impact the company’s backlog. Also, intensifying competition in the industry and currency fluctuations are affecting the company’s profits. However, over the past one year, shares of Quanta Services have outperformed that of the industry. The company remains confident about the prospects of its end markets over the next two years. The company believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars.”
Several other research analysts have also issued reports on the stock. Stifel Nicolaus restated a “buy” rating and issued a $45.00 price target on shares of Quanta Services in a research report on Thursday, September 7th. BidaskClub lowered shares of Quanta Services from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Credit Suisse Group restated a “buy” rating and issued a $47.00 price target on shares of Quanta Services in a research report on Friday, August 4th. Citigroup Inc. raised shares of Quanta Services from a “neutral” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Friday, August 18th. Finally, Johnson Rice raised shares of Quanta Services from an “accumulate” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $43.00 in a research note on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $41.56.
Quanta Services (NYSE PWR) opened at 37.36 on Monday. Quanta Services has a 52-week low of $27.29 and a 52-week high of $38.82. The stock’s 50 day moving average price is $36.38 and its 200 day moving average price is $34.44. The company has a market cap of $5.80 billion, a P/E ratio of 21.24 and a beta of 0.83.
Quanta Services (NYSE:PWR) last posted its quarterly earnings results on Thursday, August 3rd. The construction company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.03). The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.13 billion. Quanta Services had a return on equity of 8.36% and a net margin of 3.21%. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. Analysts expect that Quanta Services will post $2.03 earnings per share for the current year.
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In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of Quanta Services stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $35.79, for a total transaction of $143,160.00. Following the completion of the sale, the director now owns 17,152 shares of the company’s stock, valued at approximately $613,870.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Randall C. Wisenbaker sold 9,000 shares of Quanta Services stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $35.15, for a total transaction of $316,350.00. Following the sale, the executive vice president now directly owns 34,797 shares of the company’s stock, valued at approximately $1,223,114.55. The disclosure for this sale can be found here. Insiders have sold a total of 17,000 shares of company stock valued at $597,550 in the last three months. Company insiders own 0.70% of the company’s stock.
Several large investors have recently modified their holdings of PWR. Tower Research Capital LLC TRC boosted its stake in shares of Quanta Services by 182.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the construction company’s stock valued at $112,000 after buying an additional 2,190 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in shares of Quanta Services during the 1st quarter valued at $134,000. Bessemer Group Inc. boosted its stake in shares of Quanta Services by 22.2% during the 2nd quarter. Bessemer Group Inc. now owns 4,628 shares of the construction company’s stock valued at $152,000 after buying an additional 840 shares during the period. Commonwealth Bank of Australia acquired a new stake in shares of Quanta Services during the 2nd quarter valued at $164,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Quanta Services by 14.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock valued at $189,000 after buying an additional 708 shares during the period. 88.53% of the stock is owned by institutional investors.
About Quanta Services
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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