Zacks Investment Research cut shares of Quanta Services (NYSE:PWR) from a hold rating to a sell rating in a research note issued to investors on Monday morning.
According to Zacks, “Quanta Services has a dreadful earnings history – with three consecutive earnings misses over the trailing four quarters. Current volatility in the oil and gas market, along with reduced consumer spending, has been affecting the company’s projects and orders. 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 is affecting the company’s profits. Moreover, shares of Quanta Services have underperformed that of the industry, in the last three months. However, the company remains confident about the prospects of its end markets over the next two years. The company also believes CAPEX and OPEX spends will continue to rise as customers are contemplating undertaking work worth billions of dollars.”
PWR has been the subject of several other reports. Robert W. Baird set a $42.00 price objective on Quanta Services and gave the stock a hold rating in a research note on Wednesday, January 3rd. Stifel Nicolaus restated a buy rating on shares of Quanta Services in a research note on Thursday, December 14th. Citigroup set a $47.00 price objective on Quanta Services and gave the stock a buy rating in a research note on Friday, October 27th. ValuEngine lowered Quanta Services from a buy rating to a hold rating in a research note on Tuesday, October 10th. Finally, Seaport Global Securities restated a buy rating and issued a $45.00 price objective (up from $41.00) on shares of Quanta Services in a research note on Wednesday, October 11th. Two analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Quanta Services has an average rating of Buy and a consensus price target of $44.73.
Shares of Quanta Services (PWR) traded down $0.41 on Monday, reaching $39.10. 1,322,800 shares of the company’s stock were exchanged, compared to its average volume of 1,163,640. The stock has a market cap of $6,030.00, a price-to-earnings ratio of 21.14, a PEG ratio of 2.16 and a beta of 0.87. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.80 and a current ratio of 1.85. Quanta Services has a 1-year low of $30.23 and a 1-year high of $40.10.
Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, November 2nd. The construction company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.30 billion. Quanta Services had a net margin of 3.18% and a return on equity of 8.47%. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.55 EPS. research analysts expect that Quanta Services will post 1.77 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. increased its stake in Quanta Services by 3.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 735,777 shares of the construction company’s stock worth $24,222,000 after buying an additional 26,585 shares in the last quarter. Utah Retirement Systems increased its stake in Quanta Services by 3.0% in the 2nd quarter. Utah Retirement Systems now owns 27,053 shares of the construction company’s stock worth $890,000 after buying an additional 800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Quanta Services by 14.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,748 shares of the construction company’s stock worth $189,000 after buying an additional 708 shares in the last quarter. Swiss National Bank increased its stake in Quanta Services by 1.3% in the 2nd quarter. Swiss National Bank now owns 251,835 shares of the construction company’s stock worth $8,290,000 after buying an additional 3,300 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in Quanta Services by 2.6% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 42,330 shares of the construction company’s stock worth $1,394,000 after buying an additional 1,080 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.
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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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