Quanta Services (NYSE:PWR) saw its price target elevated by analysts at Jefferies Financial Group from $469.00 to $517.00, as detailed in a research note issued on Monday. This adjustment reflects a potential upside of 14.36% from the company’s previous closing price. Jefferies currently assigns a “buy” rating to Quanta Services, indicating strong confidence in the construction company’s stock.
Several other financial institutions have also provided insights into Quanta Services. On August 1, Daiwa America downgraded the company from a “strong-buy” to a “hold” rating. Meanwhile, UBS Group raised its price target from $413.00 to $474.00 on July 25, maintaining a “buy” rating. Robert W. Baird set a price target of $490.00, and Weiss Ratings reaffirmed a “buy (b-)” rating on October 8. On October 9, Stifel Nicolaus increased its target price from $432.00 to $475.00, also assigning a “buy” rating.
The consensus among analysts indicates a strong buy sentiment, with thirteen providing a Buy rating and twelve assigning a Hold rating. According to data from MarketBeat.com, the average rating for Quanta Services stands at “Moderate Buy” with a consensus price target of $437.73.
Recent Financial Performance and Guidance
Quanta Services released its latest earnings report on October 30, revealing earnings per share (EPS) of $3.33 for the quarter. This figure surpassed analysts’ expectations of $3.24 by $0.09. The company achieved a return on equity of 18.41% and a net margin of 3.73%. Revenue reached $7.63 billion, exceeding analyst forecasts of $7.41 billion. This marks a 17.5% increase in revenue compared to the same period last year. Additionally, Quanta Services has set its guidance for fiscal year 2025 at an EPS range of $10.330 to $10.830. Analysts expect the company to report an EPS of $9.34 for the current year.
Institutional Investment Activity
Recent modifications in holdings by institutional investors indicate growing confidence in Quanta Services. Activest Wealth Management increased its position in the company by 94.1% during the third quarter, now owning 66 shares valued at $27,000. Similarly, Fidelis Capital Partners LLC raised its holdings by 28.6%, bringing its total to 1,530 shares worth $634,000.
An impressive 952.0% increase in holdings was reported by Annis Gardner Whiting Capital Advisors LLC, which now owns 1,031 shares valued at $427,000. The New York State Common Retirement Fund also raised its position by 20.0%, owning 152,097 shares worth $63,032,000 after acquiring an additional 25,308 shares. TD Waterhouse Canada Inc. increased its holdings by 9.9%, owning 61,626 shares valued at $25,929,000.
Overall, institutional investors and hedge funds now hold 90.49% of Quanta Services’ stock, reflecting substantial institutional confidence in the company’s future.
Quanta Services specializes in providing infrastructure solutions across various sectors, including electric and gas utility, renewable energy, communications, and pipeline and energy industries, not only in the United States but also in Canada, Australia, and other regions worldwide.
