Quanta Services, Inc. (NYSE:PWR) Shares Sold by Ascent Group LLC

Ascent Group LLC lessened its holdings in shares of Quanta Services, Inc. (NYSE:PWR) by 23.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,568 shares of the construction company’s stock after selling 2,858 shares during the period. Ascent Group LLC’s holdings in Quanta Services were worth $2,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cetera Investment Advisers grew its stake in Quanta Services by 115.0% during the 1st quarter. Cetera Investment Advisers now owns 39,274 shares of the construction company’s stock worth $10,203,000 after buying an additional 21,003 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Quanta Services by 32.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 415 shares of the construction company’s stock worth $105,000 after buying an additional 101 shares during the last quarter. Park Avenue Securities LLC grew its stake in Quanta Services by 1.1% during the 2nd quarter. Park Avenue Securities LLC now owns 16,739 shares of the construction company’s stock worth $4,253,000 after buying an additional 177 shares during the last quarter. AMF Tjanstepension AB purchased a new position in Quanta Services during the 2nd quarter worth approximately $8,310,000. Finally, CWM LLC grew its stake in shares of Quanta Services by 9.5% in the 2nd quarter. CWM LLC now owns 5,388 shares of the construction company’s stock valued at $1,369,000 after purchasing an additional 469 shares during the last quarter. Institutional investors and hedge funds own 90.49% of the company’s stock.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $342.33 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.23 and a quick ratio of 1.19. The firm has a market cap of $50.53 billion, a P/E ratio of 63.16 and a beta of 1.03. The firm has a 50 day simple moving average of $316.64 and a 200 day simple moving average of $283.60. Quanta Services, Inc. has a fifty-two week low of $187.16 and a fifty-two week high of $350.19.

Quanta Services (NYSE:PWR) last released its earnings results on Thursday, October 31st. The construction company reported $2.72 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The firm had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.56 billion. During the same quarter in the previous year, the business earned $2.08 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. Sell-side analysts predict that Quanta Services, Inc. will post 7.9 earnings per share for the current fiscal year.

Quanta Services Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This is a boost from Quanta Services’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 0.12%. Quanta Services’s payout ratio is 6.64%.

Analysts Set New Price Targets

Several research firms have recently commented on PWR. Wolfe Research initiated coverage on Quanta Services in a report on Thursday, September 19th. They issued an “outperform” rating and a $313.00 price target for the company. Truist Financial boosted their price target on Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Northland Securities reissued an “outperform” rating and issued a $328.00 price target (up from $280.00) on shares of Quanta Services in a report on Friday, November 1st. Citigroup lifted their price objective on Quanta Services from $302.00 to $348.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Finally, Robert W. Baird boosted their price target on Quanta Services from $320.00 to $333.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $314.27.

Quanta Services Profile

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.