Quanta Services (NYSE:PWR) Issues Earnings Results, Beats Estimates By $0.16 EPS

Quanta Services (NYSE:PWRGet Rating) posted its quarterly earnings results on Thursday. The construction company reported $1.54 EPS for the quarter, beating the consensus estimate of $1.38 by $0.16, Briefing.com reports. The company had revenue of $4.23 billion for the quarter, compared to analyst estimates of $4.03 billion. Quanta Services had a net margin of 3.38% and a return on equity of 14.98%. The firm’s revenue was up 41.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.93 earnings per share. Quanta Services updated its FY22 guidance to $6.10-6.44 EPS and its FY 2022 guidance to $6.10-$6.44 EPS.

Quanta Services Price Performance

Shares of NYSE PWR traded up $3.50 during midday trading on Friday, hitting $136.91. The stock had a trading volume of 1,287,181 shares, compared to its average volume of 1,476,940. The company has a quick ratio of 1.48, a current ratio of 1.51 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $128.11 and a 200-day simple moving average of $120.39. The company has a market capitalization of $19.68 billion, a PE ratio of 41.49 and a beta of 1.10. Quanta Services has a 1 year low of $90.09 and a 1 year high of $146.84.

Quanta Services Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 15th. Shareholders of record on Friday, July 1st were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, June 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.20%. Quanta Services’s payout ratio is currently 8.48%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group raised their target price on Quanta Services from $127.00 to $143.00 and gave the stock a “buy” rating in a report on Thursday, April 7th. Cowen lifted their target price on shares of Quanta Services from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Thursday, May 26th. B. Riley increased their price target on shares of Quanta Services from $129.00 to $138.00 in a report on Friday, May 6th. UBS Group raised shares of Quanta Services from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $140.00 to $156.00 in a report on Monday, June 13th. Finally, KeyCorp upped their price objective on shares of Quanta Services from $129.00 to $156.00 in a research report on Thursday, April 14th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $144.31.

Insider Buying and Selling

In other Quanta Services news, CEO Earl C. Jr. Austin sold 135,000 shares of the firm’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the transaction, the chief executive officer now owns 689,030 shares in the company, valued at approximately $87,148,514.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Vincent D. Foster sold 14,948 shares of the stock in a transaction that occurred on Wednesday, June 22nd. The stock was sold at an average price of $119.01, for a total value of $1,778,961.48. Following the completion of the sale, the director now owns 204,925 shares of the company’s stock, valued at $24,388,124.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Earl C. Jr. Austin sold 135,000 shares of Quanta Services stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $126.48, for a total value of $17,074,800.00. Following the transaction, the chief executive officer now owns 689,030 shares in the company, valued at approximately $87,148,514.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PWR. Brown Brothers Harriman & Co. increased its position in Quanta Services by 1,442.1% during the first quarter. Brown Brothers Harriman & Co. now owns 586 shares of the construction company’s stock worth $77,000 after purchasing an additional 548 shares during the last quarter. Covestor Ltd increased its holdings in shares of Quanta Services by 197.2% during the 1st quarter. Covestor Ltd now owns 627 shares of the construction company’s stock worth $83,000 after buying an additional 416 shares during the last quarter. Zions Bancorporation N.A. raised its position in shares of Quanta Services by 5,064.3% during the 1st quarter. Zions Bancorporation N.A. now owns 723 shares of the construction company’s stock valued at $95,000 after buying an additional 709 shares during the period. Salem Investment Counselors Inc. purchased a new stake in shares of Quanta Services during the 1st quarter valued at approximately $132,000. Finally, Eudaimonia Partners LLC acquired a new position in Quanta Services in the first quarter valued at approximately $223,000. Hedge funds and other institutional investors own 87.16% of the company’s stock.

About Quanta Services

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Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.

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Earnings History for Quanta Services (NYSE:PWR)

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