In a report issued on September 1, Elizabeth Vermillion from CFRA reiterated a Buy rating on Quanta Services (NYSE: PWR), with a price target of $40. The company’s shares opened today at $34.25.
Vermillion commented:
“Revenues increased 24% in 2017, due to large projects and acquisitions. In 2018, we see 10.5%-11.0% growth, supported by increased seasonal activity in the second half of 2018, record backlog and a robust project pipeline continuing into 2019. Backlog was $11.5 billion as of 1.4% sequentially. In Q2, revenue increased 20.7%. Electronic Power revenue increased 20.7% due to consumer spending on electric transmission projects.”
According to TipRanks.com, Vermillion is ranked #3496 out of 4873 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Quanta Services with a $45 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $40.11 and a one-year low of $32.19. Currently, Quanta Services has an average volume of 1.36M.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Quanta Services, Inc. engages in the provision of specialty contracting services, offering infrastructure solutions to the electric power, oil and gas, and communication industries. It also focuses on the design, installation, upgrade, repair, and maintenance of infrastructure within each of the industries it serves.
