B.Riley FBR Keeps a Buy Rating on Quanta Services (PWR)

B.Riley FBR analyst Alex Rygiel maintained a Buy rating on Quanta Services (PWRResearch Report) today and set a price target of $44. The company’s shares closed yesterday at $33.07.

Rygiel wrote:

“We remain buyers of PWR following an overreaction to earnings and the possibility of pressure from a pair-trade unwind. We are adjusting our estimates following 2Q19 results which were mostly in line with estimates, excluding a charge associated with a large telecom project in Peru. On a reported basis, we are lowering our EBITDA and EPS estimates for 2019, however, on an adjusted basis, excluding the Peru project charge, we are modestly raising our 2019 estimates. Our 2020 estimates remain mostly unchanged. Backlog continued to grow to another record of $12.8B (+11% Y/Y). We are lowering our price target from $49 to $44 and maintain our Buy rating.”

According to TipRanks.com, Rygiel is a 4-star analyst with an average return of 5.7% and a 54.6% success rate. Rygiel covers the Basic Materials sector, focusing on stocks such as Granite Construction Inc, Tutor Perini Corp, and MYR Group.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Quanta Services with a $44.75 average price target, implying a 35.3% upside from current levels. In a report issued on August 2, Citigroup also maintained a Buy rating on the stock with a $48 price target.

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Quanta Services’ market cap is currently $4.7B and has a P/E ratio of 15.06. The company has a Price to Book ratio of 1.25.

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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.