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

Quanta Services (NYSE:PWR) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 8.500-8.800 for the period, compared to the consensus earnings per share 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.

Quanta Services Price Performance

NYSE:PWR traded up $1.87 on Friday, reaching $303.50. The stock had a trading volume of 913,124 shares, compared to its average volume of 661,167. The company has a market capitalization of $44.71 billion, a P/E ratio of 56.00 and a beta of 1.01. The stock has a fifty day moving average price of $290.40 and a 200-day moving average price of $272.85. The company has a quick ratio of 1.25, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. Quanta Services has a 1-year low of $163.93 and a 1-year high of $317.91.

Quanta Services (NYSE:PWR) last released its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a return on equity of 16.71% and a net margin of 3.54%. The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $6.56 billion. During the same period last year, the firm posted $2.08 EPS. The business’s revenue was up 15.5% on a year-over-year basis. Research analysts forecast that Quanta Services will post 7.82 EPS for the current year.

Quanta Services Dividend Announcement

The business 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. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.12%. The ex-dividend date was Tuesday, October 1st. Quanta Services’s dividend payout ratio is presently 6.64%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. UBS Group upped their price target on Quanta Services from $313.00 to $367.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group initiated coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective for the company. Truist Financial raised their target price on shares of Quanta Services from $319.00 to $358.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus raised their price objective on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Quanta Services has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Insider Buying and Selling at Quanta Services

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now directly owns 21,286 shares in the company, valued at $5,490,297.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the completion of the transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of Quanta Services stock in a transaction on 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 completion of the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,357 shares of company stock valued at $53,115,572. 1.10% of the stock is currently owned by corporate insiders.

About Quanta Services

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.