Quanta Services (NYSE:PWR) Issues FY 2024 Earnings Guidance

by · The Markets Daily

Quanta Services (NYSE:PWR – Get Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 8.500-8.800 for the period, compared to the consensus EPS estimate of 8.630. The company issued revenue guidance of $23.5 billion-$23.9 billion, compared to the consensus revenue estimate of $23.8 billion. Quanta Services also updated its FY24 guidance to $8.50-8.80 EPS.

Analysts Set New Price Targets

A number of equities analysts have commented on PWR shares. Jefferies Financial Group began coverage on shares of Quanta Services in a research report on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price target on the stock. Truist Financial raised their price target on Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. assumed coverage on Quanta Services in a report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target for the company. Northland Securities lifted their price objective on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, UBS Group boosted their target price on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Quanta Services has a consensus rating of “Moderate Buy” and a consensus target price of $308.07.

Check Out Our Latest Report on Quanta Services

Quanta Services Price Performance

PWR traded down $7.51 on Thursday, reaching $304.12. The stock had a trading volume of 564,989 shares, compared to its average volume of 883,487. The firm has a 50-day moving average of $288.27 and a 200-day moving average of $271.82. Quanta Services has a fifty-two week low of $153.74 and a fifty-two week high of $317.91. The company has a market capitalization of $44.81 billion, a price-to-earnings ratio of 58.77 and a beta of 1.01. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45.

Quanta Services (NYSE:PWR – Get Free Report) last announced its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same period in the previous year, the business earned $2.08 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Quanta Services will post 7.82 EPS for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.09 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. Quanta Services’s dividend payout ratio is currently 6.79%.

Insider Transactions at Quanta Services

In other news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the sale, the insider now owns 10,631 shares of the company’s stock, valued at $2,875,791.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Quanta Services news, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,357 shares of company stock worth $53,115,572. Company insiders own 1.10% of the company’s stock.

Quanta Services Company Profile

(Get Free Report)

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.

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