PWR stock forecast, quote, news & analysis

Key Takeaways

• Quanta Services shares fell about 13.9% over the 30 days through October 23, 2026, sliding from roughly $634.90 to $546.43.
• The selloff was driven largely by a de-rating of high-valuation, AI-linked infrastructure contractors rather than by any deterioration in Quanta's reported financial results.
• Goldman Sachs cut its price target to $781 from $902 on October 22, while Mizuho and Truist also trimmed targets, citing uncertainty around AI-related power spending.
• Quanta's second-quarter 2026 results were strong: EPS of $4.24 beat the $3.31 consensus, revenue rose 41.1% year over year to $9.56 billion, and full-year guidance was raised.
• A record backlog of roughly $53 billion, including an electric segment backlog up 26% to about $36.2 billion, continues to underpin long-term demand.
• Third-quarter 2026 results are scheduled for October 29, 2026, with consensus estimates near $5.01 in EPS on roughly $10.99 billion in revenue.
• For deeper detail, explore additional pages covering Quanta's Price Targets, Earnings, and Forecast.
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Quanta Services (PWR) Company Overview and Market Position

Quanta Services, Inc. is a Houston-based specialty contractor that provides infrastructure solutions for the electric power, energy, and communications industries. The company installs, repairs, and maintains transmission and distribution lines, substations, renewable-energy interconnections, and communications networks. Quanta has emerged as a key beneficiary of two durable spending waves: aging grid replacement and modernization, and surging electricity demand tied to data centers and artificial intelligence.

Its competitive advantages include unmatched scale, a large and highly trained skilled labor force, deep utility relationships, and a "total solutions" model that self-performs roughly 80% to 85% of its work. Investors follow PWR closely because its record backlog and expanding addressable market position it at the center of the U.S. grid buildout, while its elevated valuation also makes it sensitive to shifts in sentiment around AI-related capital spending.

Quanta Services (PWR) Stock Price Performance: Last 30 Days vs. Quarter

Over the last 30 days, PWR declined approximately 13.9%, falling from a closing price of $634.90 on September 23, 2026, to $546.43 on October 23, 2026. The move was not linear: the stock traded near $720 in early October before a sharp, multi-session pullback in the second half of the month.

The three-month picture shows an even larger retracement. Measured from a close of $653.80 around July 23, 2026, PWR is down roughly 16.4%. After rallying through the summer and into early October, the stock gave back those gains as broader AI-infrastructure names corrected and investors reassessed premium valuations.

What Drove PWR Stock Price in the Last 30 Days

The most significant single catalyst was Goldman Sachs' decision on October 22 to lower its price target to $781 from $902 while maintaining a Buy rating. The move reflected growing skepticism about the durability and funding of the artificial-intelligence spending boom, and it triggered a single-day drop of roughly 8% to 9%. Mizuho earlier cut its target to $684 from $741, and Truist reduced its target to $945 from $976, both citing concerns about power, data-center, and AI-related spending durability.

The decline also tracked a broader rotation out of high-multiple, AI-linked stocks. Commentary around scarce capital for neocloud providers and names such as Meta (META) and NVIDIA (NVDA) added to the mood, as rising Treasury yields and elevated inflation weighed on growth-oriented valuations. Quanta, which had been re-rated as an AI-infrastructure name near 64 times forward earnings in mid-October, compressed toward roughly 33 times guided earnings. Elevated put-option activity and reported insider selling also contributed to the near-term pressure, even as the company's underlying order book remained intact.

What Drove PWR Stock Performance Over the Last Quarter

The broader quarterly trend tells a story of strong fundamentals colliding with a shifting valuation environment. Quanta reported robust second-quarter results on July 30, 2026, posting adjusted EPS of $4.24 versus a $3.31 consensus and revenue of $9.56 billion, up 41.1% year over year. Management raised full-year 2026 guidance to $16.45–$16.95 in adjusted EPS and $39.3–$39.7 billion in revenue, supported by a record backlog of about $53 billion and completed acquisitions including Phalcon, Enerfab, Percheron, and PSD.

Those catalysts initially supported the stock, which climbed toward the $720 range into early October. The quarter's reversal came from macro and sentiment forces rather than company-specific news: rising interest rates, AI-funding concerns, and a sector-wide pullback in power and data-center contractors prompted investors to reassess stretched multiples. The result was a meaningful de-rating even as consensus estimates for 2026 continued to drift higher.

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PWR Stock Forecast Drivers: What Investors Should Watch Next

The next major catalyst is Quanta's third-quarter 2026 earnings report on October 29, 2026, where consensus estimates point to EPS near $5.01 on roughly $10.99 billion in revenue. Investors will focus on revenue, margins, backlog conversion, and forward guidance, particularly how management frames the durability of data-center and grid demand.

Beyond earnings, watch the macroeconomic backdrop, including interest rates, inflation, and Treasury yields, which have influenced the valuation of AI-linked infrastructure names. The funding mechanism for large power projects, potential project delays, permitting and labor constraints, and broader AI capital-expenditure trends will also shape sentiment. Despite the recent decline, consensus analyst price targets remain well above the current price, with averages near $761 to $766 per share. As always, these figures reflect analyst expectations rather than guarantees of future performance.

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