Allworth Financial LP Boosts Stock Holdings in Quanta Services, Inc. (NYSE:PWR)

Allworth Financial LP raised its holdings in Quanta Services, Inc. (NYSE:PWR) by 8.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,688 shares of the construction company’s stock after purchasing an additional 136 shares during the period. Allworth Financial LP’s holdings in Quanta Services were worth $364,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Norges Bank bought a new stake in Quanta Services during the fourth quarter valued at approximately $180,853,000. Nordea Investment Management AB lifted its position in Quanta Services by 8,297.7% during the fourth quarter. Nordea Investment Management AB now owns 912,413 shares of the construction company’s stock valued at $196,205,000 after purchasing an additional 901,548 shares during the last quarter. Royal Bank of Canada lifted its position in Quanta Services by 52.2% during the first quarter. Royal Bank of Canada now owns 1,492,323 shares of the construction company’s stock valued at $196,405,000 after purchasing an additional 511,508 shares during the last quarter. Deutsche Bank AG lifted its position in Quanta Services by 113.7% during the first quarter. Deutsche Bank AG now owns 643,054 shares of the construction company’s stock valued at $107,159,000 after purchasing an additional 342,100 shares during the last quarter. Finally, CI Private Wealth LLC bought a new stake in Quanta Services during the fourth quarter valued at approximately $42,168,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.

Quanta Services Stock Down 0.8 %

Shares of NYSE PWR opened at $254.30 on Thursday. The company has a quick ratio of 1.44, a current ratio of 1.47 and a debt-to-equity ratio of 0.58. Quanta Services, Inc. has a 52 week low of $153.74 and a 52 week high of $265.82. The firm’s fifty day moving average is $236.58 and its 200 day moving average is $205.83. The company has a market cap of $37.06 billion, a price-to-earnings ratio of 50.76 and a beta of 1.11.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, February 22nd. The construction company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. Quanta Services had a net margin of 3.57% and a return on equity of 16.46%. The company had revenue of $5.78 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the firm earned $1.54 earnings per share. The firm’s revenue for the quarter was up 31.0% on a year-over-year basis. On average, equities research analysts expect that Quanta Services, Inc. will post 7.63 earnings per share for the current year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Tuesday, April 9th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Monday, April 8th. Quanta Services’s payout ratio is currently 7.19%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial assumed coverage on shares of Quanta Services in a research report on Thursday, March 14th. They set a “buy” rating and a $301.00 target price for the company. TD Cowen boosted their price objective on shares of Quanta Services from $205.00 to $270.00 and gave the stock an “outperform” rating in a report on Tuesday, February 27th. The Goldman Sachs Group boosted their price objective on shares of Quanta Services from $227.00 to $259.00 and gave the stock a “buy” rating in a report on Monday, February 26th. KeyCorp assumed coverage on shares of Quanta Services in a report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Finally, Stifel Nicolaus boosted their price objective on shares of Quanta Services from $237.00 to $252.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Quanta Services currently has a consensus rating of “Moderate Buy” and a consensus target price of $239.54.

Insider Buying and Selling at Quanta Services

In other news, Director Worthing Jackman sold 9,572 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the sale, the director now directly owns 7,486 shares of the company’s stock, valued at approximately $1,776,502.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Worthing Jackman sold 9,572 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $237.31, for a total value of $2,271,531.32. Following the transaction, the director now owns 7,486 shares in the company, valued at approximately $1,776,502.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donald Wayne sold 1,101 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $261.94, for a total transaction of $288,395.94. Following the completion of the transaction, the executive vice president now owns 40,065 shares in the company, valued at approximately $10,494,626.10. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,125 shares of company stock valued at $11,270,215. 1.30% of the stock is currently owned by company insiders.

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.