Quanta Services (NYSE:PWR) Updates FY24 Earnings Guidance

Quanta Services (NYSE:PWR) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $8.50-8.80 for the period, compared to the consensus EPS estimate of $8.64. The company issued revenue guidance of $23.50-23.90 billion, compared to the consensus revenue estimate of $23.84 billion. Quanta Services also updated its FY 2024 guidance to 8.500-8.800 EPS.

Quanta Services Stock Performance

Shares of NYSE:PWR traded up $1.87 during trading 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 quick ratio of 1.25, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The stock has a fifty day simple moving average of $290.40 and a two-hundred day simple moving average of $272.68. The firm has a market capitalization of $44.71 billion, a price-to-earnings ratio of 56.00 and a beta of 1.01. Quanta Services has a 52 week low of $163.93 and a 52 week high of $317.91.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The business’s revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.08 EPS. As a group, analysts anticipate that Quanta Services will post 7.82 earnings per share for the current fiscal 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 issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.12%. The ex-dividend date of this dividend was Tuesday, October 1st. Quanta Services’s dividend payout ratio (DPR) is currently 6.64%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup increased their price objective on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. JPMorgan Chase & Co. started coverage on shares of Quanta Services in a research report on Monday, October 7th. They issued a “neutral” rating and a $297.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Jefferies Financial Group started coverage on Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Finally, Wolfe Research assumed coverage on Quanta Services in a research report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $314.27.

Insiders Place Their Bets

In other news, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $257.93, for a total value of $3,868,950.00. Following the sale, the insider now owns 21,286 shares of the company’s stock, valued at approximately $5,490,297.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, COO James Redgie Probst sold 34,000 shares of Quanta Services stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $260.03, for a total value of $8,841,020.00. Following the completion of the transaction, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at $7,541,390.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $257.93, for a total transaction of $3,868,950.00. Following the transaction, the insider now owns 21,286 shares in the company, valued at approximately $5,490,297.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Quanta Services Company Profile

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.