Proficio Capital Partners LLC purchased a new stake in Quanta Services, Inc. (NYSE:PWR – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 918 shares of the construction company’s stock, valued at approximately $661,000.
Several other institutional investors have also added to or reduced their stakes in PWR. Norges Bank acquired a new position in Quanta Services during the fourth quarter worth about $817,285,000. Victory Capital Management Inc. boosted its position in shares of Quanta Services by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 2,915,440 shares of the construction company’s stock valued at $1,230,493,000 after purchasing an additional 758,862 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Quanta Services by 137.6% during the fourth quarter. Corient Private Wealth LLC now owns 1,151,650 shares of the construction company’s stock worth $486,065,000 after acquiring an additional 667,050 shares in the last quarter. Sands Capital Management LLC acquired a new stake in shares of Quanta Services in the 4th quarter valued at about $243,485,000. Finally, Select Equity Group L.P. grew its stake in Quanta Services by 69.3% in the second quarter. Select Equity Group L.P. now owns 1,017,123 shares of the construction company’s stock valued at $384,554,000 after acquiring an additional 416,395 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.
Quanta Services Trading Down 0.1%
Shares of PWR opened at $610.59 on Thursday. Quanta Services, Inc. has a 1-year low of $363.01 and a 1-year high of $788.75. The company has a market capitalization of $91.80 billion, a P/E ratio of 69.94, a P/E/G ratio of 2.00 and a beta of 1.20. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.10 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $655.09 and its 200 day simple moving average is $642.05.
Quanta Services declared that its Board of Directors has approved a share buyback program on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Quanta Services Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Thursday, October 1st. Quanta Services’s dividend payout ratio (DPR) is presently 5.04%.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on PWR. Robert W. Baird set a $728.00 target price on shares of Quanta Services in a research report on Friday, July 31st. Citigroup lifted their price objective on shares of Quanta Services from $837.00 to $871.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Benchmark cut Quanta Services to a “sell” rating in a research note on Friday, July 31st. BTIG Research downgraded Quanta Services to a “hold” rating in a research report on Friday, July 31st. Finally, CICC Research assumed coverage on shares of Quanta Services in a research report on Thursday, May 21st. They issued an “outperform” rating and a $872.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Quanta Services presently has an average rating of “Moderate Buy” and an average price target of $769.25.
View Our Latest Report on Quanta Services
Quanta Services Company 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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