Quanta Services, Inc. (NYSE:PWR) Stake Raised by Ascent Group LLC

Ascent Group LLC increased its holdings in Quanta Services, Inc. (NYSE:PWR) by 14.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,426 shares of the construction company’s stock after acquiring an additional 1,598 shares during the period. Ascent Group LLC’s holdings in Quanta Services were worth $3,157,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PWR. EntryPoint Capital LLC acquired a new position in Quanta Services in the 1st quarter worth about $25,000. Private Ocean LLC acquired a new position in Quanta Services in the 1st quarter worth about $26,000. Salomon & Ludwin LLC acquired a new position in Quanta Services in the 1st quarter worth about $26,000. Cambridge Trust Co. acquired a new position in Quanta Services in the 1st quarter worth about $26,000. Finally, Valley Wealth Managers Inc. acquired a new position in Quanta Services in the 2nd quarter worth about $33,000. 90.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the completion of the transaction, the insider now owns 10,631 shares in the company, valued at approximately $2,875,791.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, COO James Redgie Probst sold 34,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $260.03, for a total transaction of $8,841,020.00. Following the completion of the sale, the chief operating officer now directly owns 29,002 shares of the company’s stock, valued at approximately $7,541,390.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karl W. Studer sold 23,357 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the sale, the insider now directly owns 10,631 shares of the company’s stock, valued at $2,875,791.81. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 in the last 90 days. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Truist Financial reaffirmed a “buy” rating and issued a $319.00 target price (up from $305.00) on shares of Quanta Services in a research report on Monday, August 5th. Jefferies Financial Group started coverage on Quanta Services in a report on Wednesday, September 4th. They set a “hold” rating and a $256.00 price objective on the stock. Citigroup increased their price objective on Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a report on Monday, July 22nd. B. Riley increased their price objective on Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Finally, Wolfe Research started coverage on Quanta Services in a report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and an average target price of $286.69.

Quanta Services Price Performance

Shares of PWR stock opened at $296.74 on Friday. The stock has a 50 day moving average of $266.18 and a two-hundred day moving average of $263.50. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a 12 month low of $153.74 and a 12 month high of $306.50. The company has a market capitalization of $43.72 billion, a P/E ratio of 57.51 and a beta of 1.01.

Quanta Services (NYSE:PWR) last announced its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The company had revenue of $5.59 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter last year, the company earned $1.47 EPS. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, equities analysts expect that Quanta Services, Inc. will post 7.82 EPS for the current year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.09 per share. The ex-dividend date is Tuesday, October 1st. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. Quanta Services’s dividend payout ratio (DPR) is presently 6.98%.

About Quanta Services

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.