Quanta Services, Inc. (PWR) Upgraded to Buy at Citigroup Inc.

Quanta Services, Inc. (NYSE:PWR) was upgraded by analysts at Citigroup Inc. to a “buy” rating in a research report issued on Friday. The brokerage presently has a $40.00 target price on the construction company’s stock. Citigroup Inc.’s price target indicates a potential upside of 18.24% from the company’s current price.

A number of other analysts have also commented on the company. Zacks Investment Research lowered Quanta Services from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 9th. FBR & Co upgraded Quanta Services to an “outperform” rating and lifted their price target for the stock from $40.00 to $45.00 in a report on Wednesday, August 9th. BidaskClub upgraded Quanta Services from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Credit Suisse Group reiterated a “buy” rating and set a $47.00 price target on shares of Quanta Services in a report on Friday, August 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $45.00 price target on shares of Quanta Services in a report on Friday, August 4th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Quanta Services presently has an average rating of “Buy” and a consensus target price of $41.44.

Shares of Quanta Services (NYSE PWR) opened at 33.83 on Friday. The company has a market cap of $5.25 billion, a PE ratio of 19.23 and a beta of 0.84. The stock’s 50 day moving average price is $34.13 and its 200-day moving average price is $34.70. Quanta Services has a 52 week low of $24.49 and a 52 week high of $38.82.

Quanta Services (NYSE:PWR) last announced its 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 company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.13 billion. Quanta Services had a net margin of 3.21% and a return on equity of 8.36%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. Analysts expect that Quanta Services will post $2.03 EPS for the current year.

Quanta Services announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 25th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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In other Quanta Services news, Director John Michal Conaway sold 4,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $35.79, for a total value of $143,160.00. Following the sale, the director now directly owns 17,152 shares in the company, valued at $613,870.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.70% of the company’s stock.

Several hedge funds have recently modified their holdings of the stock. Scotia Capital Inc. purchased a new stake in shares of Quanta Services during the second quarter valued at about $314,000. Nomura Holdings Inc. raised its stake in shares of Quanta Services by 7.6% in the second quarter. Nomura Holdings Inc. now owns 11,280 shares of the construction company’s stock valued at $371,000 after buying an additional 794 shares during the last quarter. Assetmark Inc. raised its stake in shares of Quanta Services by 567.3% in the second quarter. Assetmark Inc. now owns 114,706 shares of the construction company’s stock valued at $3,776,000 after buying an additional 97,516 shares during the last quarter. Argent Capital Management LLC purchased a new stake in shares of Quanta Services during the second quarter valued at about $1,630,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Quanta Services by 182.5% in the second 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 last quarter. Hedge funds and other institutional investors own 89.02% of the company’s stock.

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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