Why Quanta Services (PWR) Dipped More Than Broader Market Today
The most recent trading session ended with Quanta Services (PWR) standing at $264.46, reflecting a -1.21% shift from the previouse trading day's closing. This change lagged the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.14%, while the tech-heavy Nasdaq lost 0.06%.
The specialty contractor for utility and energy companies's shares have seen a decrease of 2.38% over the last month, not keeping up with the Construction sector's gain of 7.48% and the S&P 500's gain of 1.96%.
The investment community will be paying close attention to the earnings performance of Quanta Services in its upcoming release. The company is slated to reveal its earnings on August 1, 2024. The company's earnings per share (EPS) are projected to be $1.93, reflecting a 16.97% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $5.51 billion, indicating a 9.16% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $8.44 per share and revenue of $22.65 billion, which would represent changes of +17.88% and +8.48%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Quanta Services. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.09% downward. Quanta Services currently has a Zacks Rank of #4 (Sell).
Looking at its valuation, Quanta Services is holding a Forward P/E ratio of 31.73. This represents a premium compared to its industry's average Forward P/E of 20.72.
The Engineering - R and D Services industry is part of the Construction sector. With its current Zacks Industry Rank of 89, this industry ranks in the top 36% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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