Three Seasons Wealth LLC purchased a new position in Quanta Services, Inc. (NYSE:PWR – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,099 shares of the construction company’s stock, valued at approximately $791,000.
Several other institutional investors have also added to or reduced their stakes in PWR. Syon Capital LLC grew its stake in shares of Quanta Services by 9.3% during the second quarter. Syon Capital LLC now owns 1,622 shares of the construction company’s stock valued at $1,168,000 after buying an additional 138 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Quanta Services by 36.4% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 82,959 shares of the construction company’s stock valued at $57,323,000 after acquiring an additional 22,150 shares during the last quarter. Premier Path Wealth Partners LLC boosted its holdings in Quanta Services by 4.3% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 1,473 shares of the construction company’s stock valued at $1,061,000 after acquiring an additional 61 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in Quanta Services by 103.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 12,312 shares of the construction company’s stock valued at $8,865,000 after acquiring an additional 6,258 shares during the period. Finally, NEOS Investment Management LLC grew its position in Quanta Services by 12.9% during the 2nd quarter. NEOS Investment Management LLC now owns 23,940 shares of the construction company’s stock worth $17,235,000 after acquiring an additional 2,732 shares during the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services Trading Up 0.6%
PWR opened at $623.80 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.10 and a debt-to-equity ratio of 0.56. Quanta Services, Inc. has a 52 week low of $363.01 and a 52 week high of $788.75. The stock has a market cap of $93.78 billion, a PE ratio of 71.45, a PEG ratio of 2.03 and a beta of 1.20. The business has a 50 day moving average of $651.88 and a 200-day moving average of $642.61.
Quanta Services announced that its board has approved a stock repurchase program on Friday, May 22nd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the construction company to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
Quanta Services Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. Quanta Services’s dividend payout ratio is currently 5.04%.
Wall Street Analyst Weigh In
PWR has been the subject of several recent research reports. Truist Financial reiterated a “buy” rating and issued a $976.00 price objective (up from $940.00) on shares of Quanta Services in a research report on Monday, August 3rd. Argus set a $800.00 target price on shares of Quanta Services in a report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $748.00 target price on shares of Quanta Services in a research note on Friday, July 31st. Robert W. Baird set a $728.00 price target on shares of Quanta Services in a research report on Friday, July 31st. Finally, TD Cowen raised their price target on shares of Quanta Services from $775.00 to $785.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $769.25.
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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