NEW YORK (TheStreet) -- Shares of Quanta Services (PWR) - Get Quanta Services, Inc. Report were diving 7.34% to $23.56 on heavy trading volume late Thursday afternoon after the company posted earnings that were widely below analysts' estimates for the 2016 second quarter.

Before today's market open, the Houston-based specialty contracting services company reported adjusted earnings of 18 cents per share, while analysts were expecting 36 cents per share.

Revenue for the quarter was $1.79 billion, lower than Wall Street's projections of $1.86 billion.

For 2016, the company sees adjusted earnings per share between $1.52 and $1.67 on revenue of $7.75 billion to $8 billion. Analysts are modeling earnings of $1.67 per share on revenue of $7.69 billion for the full year.

Quanta Services provides outsourced construction, maintenance, and technology services for the electric power, telecommunications, broadband cable and gas pipeline industries.

About 4.46 million of the company's shares changed hands so far today, above its average 30-day volume of 1.99 million shares per day.

TheStreet Recommends

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: PWR

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