Chase Investment Counsel Corp Increases Position in Quanta Services, Inc. (NYSE:PWR)

Chase Investment Counsel Corp boosted its position in shares of Quanta Services, Inc. (NYSE:PWR) by 2.1% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 20,811 shares of the construction company’s stock after acquiring an additional 428 shares during the quarter. Quanta Services comprises about 1.8% of Chase Investment Counsel Corp’s portfolio, making the stock its 12th largest position. Chase Investment Counsel Corp’s holdings in Quanta Services were worth $5,287,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of PWR. EntryPoint Capital LLC purchased a new position in shares of Quanta Services in the 1st quarter valued at about $25,000. Private Ocean LLC purchased a new position in Quanta Services in the 1st quarter valued at $26,000. Salomon & Ludwin LLC acquired a new stake in Quanta Services during the 1st quarter worth $26,000. Cambridge Trust Co. purchased a new position in shares of Quanta Services in the first quarter worth about $26,000. Finally, Valley Wealth Managers Inc. purchased a new stake in Quanta Services in the 2nd quarter valued at $33,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Performance

Shares of PWR stock opened at $296.74 on Monday. Quanta Services, Inc. has a 1 year low of $153.74 and a 1 year high of $306.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.25 and a current ratio of 1.30. The firm has a market cap of $43.44 billion, a price-to-earnings ratio of 57.51 and a beta of 1.01. The stock’s 50-day moving average is $266.18 and its two-hundred day moving average is $263.66.

Quanta Services (NYSE:PWR) last issued its quarterly earnings data on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.15. The company had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a return on equity of 16.29% and a net margin of 3.59%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.47 earnings per share. Analysts predict that Quanta Services, Inc. will post 7.82 earnings per share for the current year.

Quanta Services Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Truist Financial reaffirmed a “buy” rating and set a $319.00 target price (up from $305.00) on shares of Quanta Services in a research note on Monday, August 5th. Northland Securities raised their price objective on Quanta Services from $264.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. B. Riley upped their target price on shares of Quanta Services from $286.00 to $303.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Citigroup boosted their price target on shares of Quanta Services from $299.00 to $302.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group assumed coverage on Quanta Services in a research note on Wednesday, September 4th. They set a “hold” rating and a $256.00 price target on the stock. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $286.69.

Insider Buying and Selling at Quanta Services

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the sale, the chief executive officer now owns 593,402 shares in the company, valued at $155,595,938.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total transaction of $34,087,300.00. Following the completion of the transaction, the chief executive officer now directly owns 593,402 shares of the company’s stock, valued at approximately $155,595,938.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gerald A. Ducey, Jr. sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $257.93, for a total value of $3,868,950.00. Following the transaction, the insider now directly owns 21,286 shares in the company, valued at approximately $5,490,297.98. The disclosure for this sale can be found here. Insiders sold a total of 202,357 shares of company stock valued at $53,115,572 in the last ninety days. Insiders own 1.10% of the company’s stock.

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.