Citizens Financial Group Inc. RI Increases Stake in Quanta Services, Inc. (NYSE:PWR)

Citizens Financial Group Inc. RI raised its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 13.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,623 shares of the construction company’s stock after acquiring an additional 3,931 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Quanta Services were worth $8,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PWR. Nomura Holdings Inc. bought a new stake in Quanta Services during the fourth quarter valued at about $631,000. Wellington Management Group LLP raised its stake in Quanta Services by 581.3% during the 4th quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock worth $25,252,000 after acquiring an additional 99,840 shares during the period. Vanguard Group Inc. lifted its holdings in Quanta Services by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after purchasing an additional 191,334 shares in the last quarter. Allen Investment Management LLC boosted its position in shares of Quanta Services by 1,418.0% in the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock worth $8,676,000 after purchasing an additional 31,196 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in shares of Quanta Services by 20,298.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock valued at $228,248,000 after purchasing an additional 1,052,496 shares during the period. Institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Up 0.4 %

Shares of NYSE:PWR opened at $269.54 on Monday. The company has a 50-day moving average price of $260.21 and a 200 day moving average price of $260.22. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $286.87. The company has a market cap of $39.46 billion, a price-to-earnings ratio of 52.24 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its earnings results on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the previous year, the business earned $1.47 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities research analysts predict that Quanta Services, Inc. will post 7.82 earnings per share for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a $0.09 dividend. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $0.36 annualized dividend and a dividend yield of 0.13%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Citigroup upped their target price on shares of Quanta Services from $299.00 to $302.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Truist Financial reaffirmed a “buy” rating and issued a $319.00 price objective (up previously from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Northland Securities lifted their target price on Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. TD Cowen upped their price target on Quanta Services from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, B. Riley lifted their price objective on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Quanta Services currently has an average rating of “Moderate Buy” and an average target price of $284.50.

Insider Buying and Selling

In related news, insider Karl W. Studer sold 23,357 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $262.21, for a total value of $34,087,300.00. Following the transaction, the chief executive officer now directly owns 593,402 shares in the company, valued at approximately $155,595,938.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the completion of the sale, the insider now owns 10,631 shares of the company’s stock, valued at approximately $2,875,791.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 202,357 shares of company stock valued at $53,115,572. Company insiders own 1.10% of the company’s stock.

About Quanta Services

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.