Quanta Services, Inc. (NYSE:PWR – Get Rating) announced a quarterly dividend on Friday, May 27th, RTT News reports. Shareholders of record on Friday, July 1st will be paid a dividend of 0.07 per share by the construction company on Friday, July 15th. This represents a $0.28 dividend on an annualized basis and a yield of 0.23%.
Quanta Services has raised its dividend by an average of 84.2% annually over the last three years and has increased its dividend every year for the last 3 years. Quanta Services has a payout ratio of 4.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Quanta Services to earn $6.48 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 4.3%.
NYSE PWR traded up $2.88 during mid-day trading on Friday, reaching $123.51. 1,485,969 shares of the company’s stock traded hands, compared to its average volume of 1,438,752. Quanta Services has a 1-year low of $84.40 and a 1-year high of $140.04. The company has a fifty day simple moving average of $124.12 and a 200-day simple moving average of $115.34. The company has a current ratio of 1.51, a quick ratio of 1.48 and a debt-to-equity ratio of 0.74. The company has a market cap of $17.75 billion, a price-to-earnings ratio of 36.55 and a beta of 1.19.
A number of research firms have commented on PWR. Cowen increased their target price on Quanta Services from $130.00 to $145.00 and gave the stock an “outperform” rating in a report on Thursday. B. Riley increased their target price on Quanta Services from $129.00 to $138.00 in a report on Friday, May 6th. UBS Group downgraded Quanta Services from a “buy” rating to a “neutral” rating and increased their target price for the stock from $140.00 to $145.00 in a report on Wednesday, April 20th. Piper Sandler raised their price target on Quanta Services from $144.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, April 6th. Finally, Cowen raised their price target on Quanta Services from $130.00 to $145.00 in a report on Thursday. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Quanta Services has an average rating of “Buy” and an average price target of $138.50.
In related news, EVP Donald Wayne sold 1,622 shares of Quanta Services stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $109.52, for a total value of $177,641.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Bernard Fried sold 3,000 shares of Quanta Services stock in a transaction on Thursday, March 3rd. The stock was sold at an average price of $112.61, for a total value of $337,830.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,034 shares of company stock worth $2,378,756. 1.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Brown Brothers Harriman & Co. boosted its position in shares of Quanta Services by 1,442.1% in the first quarter. Brown Brothers Harriman & Co. now owns 586 shares of the construction company’s stock worth $77,000 after buying an additional 548 shares during the period. Covestor Ltd boosted its position in shares of Quanta Services by 197.2% in the first quarter. Covestor Ltd now owns 627 shares of the construction company’s stock worth $83,000 after buying an additional 416 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in shares of Quanta Services in the fourth quarter worth $86,000. Zions Bancorporation N.A. boosted its position in Quanta Services by 5,064.3% during the first quarter. Zions Bancorporation N.A. now owns 723 shares of the construction company’s stock valued at $95,000 after purchasing an additional 709 shares during the last quarter. Finally, Salem Investment Counselors Inc. acquired a new stake in Quanta Services during the first quarter valued at $132,000. Institutional investors and hedge funds own 87.16% of the company’s stock.
About Quanta Services (Get Rating)
Quanta Services, Inc provides specialty contracting services worldwide. The 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; energized 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.
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