Clough Capital Partners L P increased its holdings in shares of Quanta Services, Inc. (NYSE:PWR – Free Report) by 60.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,509 shares of the construction company’s stock after acquiring an additional 1,699 shares during the period. Clough Capital Partners L P’s holdings in Quanta Services were worth $1,903,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in PWR. Cedar Mountain Advisors LLC boosted its position in shares of Quanta Services by 321.4% during the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock valued at $25,000 after acquiring an additional 45 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Quanta Services during the 2nd quarter valued at about $26,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Quanta Services during the 4th quarter valued at about $28,000. Meeder Asset Management Inc. boosted its position in shares of Quanta Services by 221.7% during the 4th quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company’s stock valued at $31,000 after acquiring an additional 51 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its position in shares of Quanta Services by 266.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 77 shares of the construction company’s stock valued at $32,000 after acquiring an additional 56 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Trading Down 0.7%
Shares of NYSE PWR opened at $714.41 on Thursday. Quanta Services, Inc. has a 1-year low of $358.27 and a 1-year high of $788.75. The company has a market cap of $107.20 billion, a PE ratio of 98.00, a P/E/G ratio of 2.83 and a beta of 1.20. The company has a current ratio of 1.14, a quick ratio of 1.09 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $684.87 and a two-hundred day moving average of $562.90.
Quanta Services Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s payout ratio is currently 6.04%.
Quanta Services announced that its board has authorized a share buyback program on Friday, May 22nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the construction company to purchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on PWR. Wolfe Research lifted their target price on shares of Quanta Services from $477.00 to $576.00 and gave the company an “outperform” rating in a research report on Friday, February 20th. Zacks Research upgraded shares of Quanta Services from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. DA Davidson boosted their price target on shares of Quanta Services from $450.00 to $575.00 and gave the company a “neutral” rating in a research report on Friday, February 20th. Bank of America boosted their price target on shares of Quanta Services from $500.00 to $610.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Finally, Stifel Nicolaus set a $784.00 price target on shares of Quanta Services in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $733.87.
Check Out Our Latest Stock Report on PWR
Insider Transactions at Quanta Services
In other Quanta Services news, CEO Earl C. Jr. Austin sold 130,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total value of $100,184,500.00. Following the completion of the transaction, the chief executive officer directly owned 556,911 shares of the company’s stock, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Paul Nobel sold 4,000 shares of the business’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares of the company’s stock, valued at approximately $6,116,398.40. This represents a 33.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 159,992 shares of company stock valued at $123,244,714. Insiders own 0.60% of the company’s stock.
Quanta Services Profile
Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.
In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.
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