Otter Creek Advisors LLC Decreases Position in Quanta Services, Inc. (NYSE:PWR)

Otter Creek Advisors LLC reduced its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 70.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,075 shares of the construction company’s stock after selling 19,369 shares during the quarter. Otter Creek Advisors LLC’s holdings in Quanta Services were worth $2,552,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Proficio Capital Partners LLC purchased a new position in shares of Quanta Services in the fourth quarter valued at $53,949,000. Mn Services Vermogensbeheer B.V. lifted its holdings in Quanta Services by 2.3% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 58,000 shares of the construction company’s stock worth $18,331,000 after buying an additional 1,300 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd purchased a new position in Quanta Services in the 4th quarter valued at about $253,000. New York Life Investment Management LLC increased its position in shares of Quanta Services by 0.7% during the fourth quarter. New York Life Investment Management LLC now owns 21,961 shares of the construction company’s stock worth $6,941,000 after acquiring an additional 149 shares during the last quarter. Finally, Cable Hill Partners LLC lifted its stake in shares of Quanta Services by 6.6% in the fourth quarter. Cable Hill Partners LLC now owns 813 shares of the construction company’s stock worth $257,000 after acquiring an additional 50 shares in the last quarter. 90.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America started coverage on Quanta Services in a research note on Friday, January 24th. They set a “buy” rating and a $407.00 price objective for the company. BMO Capital Markets upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $338.00 to $316.00 in a research note on Tuesday. Northland Securities reiterated an “outperform” rating and set a $328.00 price objective (up from $280.00) on shares of Quanta Services in a research note on Friday, November 1st. Guggenheim began coverage on shares of Quanta Services in a research report on Wednesday, January 8th. They issued a “neutral” rating for the company. Finally, Truist Financial reduced their price target on shares of Quanta Services from $399.00 to $398.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong 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 $326.95.

Quanta Services Price Performance

Shares of NYSE PWR opened at $268.86 on Thursday. The firm’s 50-day simple moving average is $311.89 and its 200 day simple moving average is $305.73. The stock has a market cap of $39.84 billion, a P/E ratio of 44.59, a P/E/G ratio of 1.41 and a beta of 1.05. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. Quanta Services, Inc. has a fifty-two week low of $227.11 and a fifty-two week high of $365.88.

Quanta Services (NYSE:PWR) last issued its quarterly earnings results on Thursday, February 20th. The construction company reported $2.74 earnings per share for the quarter, topping analysts’ consensus estimates of $2.62 by $0.12. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The company had revenue of $6.55 billion during the quarter, compared to analyst estimates of $6.61 billion. Equities analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Company 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.