Wahed Invest LLC Purchases 398 Shares of Quanta Services, Inc. (NYSE:PWR)

Wahed Invest LLC raised its position in shares of Quanta Services, Inc. (NYSE:PWR) by 12.7% during the third quarter, HoldingsChannel reports. The fund owned 3,526 shares of the construction company’s stock after acquiring an additional 398 shares during the quarter. Wahed Invest LLC’s holdings in Quanta Services were worth $1,051,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Resurgent Financial Advisors LLC boosted its stake in shares of Quanta Services by 0.7% during the third quarter. Resurgent Financial Advisors LLC now owns 4,773 shares of the construction company’s stock valued at $1,423,000 after purchasing an additional 33 shares during the period. Tower Wealth Partners Inc. lifted its stake in Quanta Services by 3.1% in the third quarter. Tower Wealth Partners Inc. now owns 1,122 shares of the construction company’s stock worth $335,000 after acquiring an additional 34 shares during the period. Huntington National Bank lifted its stake in Quanta Services by 2.9% in the third quarter. Huntington National Bank now owns 1,240 shares of the construction company’s stock worth $370,000 after acquiring an additional 35 shares during the period. Terra Nova Asset Management LLC lifted its stake in Quanta Services by 0.3% in the third quarter. Terra Nova Asset Management LLC now owns 12,779 shares of the construction company’s stock worth $3,810,000 after acquiring an additional 38 shares during the period. Finally, Greenleaf Trust lifted its stake in Quanta Services by 1.2% in the third quarter. Greenleaf Trust now owns 3,154 shares of the construction company’s stock worth $940,000 after acquiring an additional 38 shares during the period. 90.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PWR shares. Jefferies Financial Group started coverage on shares of Quanta Services in a research note on Wednesday, September 4th. They issued a “hold” rating and a $256.00 price objective for the company. Citigroup upped their price objective on shares of Quanta Services from $302.00 to $348.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Truist Financial upped their price objective on shares of Quanta Services from $319.00 to $358.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Stifel Nicolaus increased their price target on shares of Quanta Services from $283.00 to $342.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, JPMorgan Chase & Co. began coverage on shares of Quanta Services in a research report on Monday, October 7th. They set a “neutral” rating and a $297.00 price target for the company. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and a consensus price target of $314.27.

Quanta Services Stock Performance

PWR opened at $334.97 on Friday. Quanta Services, Inc. has a 52-week low of $187.27 and a 52-week high of $350.19. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 0.58. The company has a market cap of $49.44 billion, a P/E ratio of 61.80 and a beta of 1.03. The firm’s 50-day moving average price is $318.96 and its 200-day moving average price is $284.83.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, October 31st. The construction company reported $2.72 earnings per share for the quarter, topping the consensus estimate of $2.46 by $0.26. Quanta Services had a net margin of 3.54% and a return on equity of 16.71%. The company had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.56 billion. During the same quarter in the prior year, the company earned $2.08 EPS. Quanta Services’s quarterly revenue was up 15.5% on a year-over-year basis. As a group, equities analysts anticipate that Quanta Services, Inc. will post 7.9 EPS 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. Investors of record on Thursday, January 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.12%. The ex-dividend date is Thursday, January 2nd. This is an increase from Quanta Services’s previous quarterly dividend of $0.09. Quanta Services’s dividend payout ratio is 6.64%.

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.