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Quanta Services (PWR) Outpaces Stock Market Gains: What You Should Know
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Quanta Services (PWR - Free Report) closed the most recent trading day at $259.37, moving +0.83% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.64%. Meanwhile, the Dow experienced a rise of 1.85%, and the technology-dominated Nasdaq saw an increase of 0.2%.
The specialty contractor for utility and energy companies's stock has dropped by 6.99% in the past month, falling short of the Construction sector's gain of 2.65% and the S&P 500's gain of 3.82%.
The investment community will be closely monitoring the performance of Quanta Services in its forthcoming earnings report. The company is scheduled to release its earnings on August 1, 2024. The company is expected to report EPS of $1.95, up 18.18% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.52 billion, up 9.43% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $8.44 per share and revenue of $22.65 billion. These totals would mark changes of +17.88% and +8.48%, respectively, from last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Quanta Services. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Quanta Services currently has a Zacks Rank of #2 (Buy).
From a valuation perspective, Quanta Services is currently exchanging hands at a Forward P/E ratio of 30.47. This indicates a premium in contrast to its industry's Forward P/E of 19.93.
The Engineering - R and D Services industry is part of the Construction sector. With its current Zacks Industry Rank of 106, this industry ranks in the top 43% 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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Quanta Services (PWR) Outpaces Stock Market Gains: What You Should Know
Quanta Services (PWR - Free Report) closed the most recent trading day at $259.37, moving +0.83% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.64%. Meanwhile, the Dow experienced a rise of 1.85%, and the technology-dominated Nasdaq saw an increase of 0.2%.
The specialty contractor for utility and energy companies's stock has dropped by 6.99% in the past month, falling short of the Construction sector's gain of 2.65% and the S&P 500's gain of 3.82%.
The investment community will be closely monitoring the performance of Quanta Services in its forthcoming earnings report. The company is scheduled to release its earnings on August 1, 2024. The company is expected to report EPS of $1.95, up 18.18% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.52 billion, up 9.43% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $8.44 per share and revenue of $22.65 billion. These totals would mark changes of +17.88% and +8.48%, respectively, from last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Quanta Services. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Quanta Services currently has a Zacks Rank of #2 (Buy).
From a valuation perspective, Quanta Services is currently exchanging hands at a Forward P/E ratio of 30.47. This indicates a premium in contrast to its industry's Forward P/E of 19.93.
The Engineering - R and D Services industry is part of the Construction sector. With its current Zacks Industry Rank of 106, this industry ranks in the top 43% 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.