Stableford Capital II LLC acquired a new stake in Quanta Services, Inc. (NYSE:PWR – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,205 shares of the construction company’s stock, valued at approximately $868,000.
Other institutional investors also recently modified their holdings of the company. Cornerstone Financial Management LLC increased its holdings in Quanta Services by 70.4% during the 2nd quarter. Cornerstone Financial Management LLC now owns 46 shares of the construction company’s stock valued at $33,000 after purchasing an additional 19 shares during the period. Boreal Capital Management LLC purchased a new stake in Quanta Services in the 1st quarter worth approximately $27,000. JNBA Financial Advisors lifted its holdings in Quanta Services by 1,733.3% in the 2nd quarter. JNBA Financial Advisors now owns 55 shares of the construction company’s stock worth $40,000 after buying an additional 52 shares during the period. Cedar Mountain Advisors LLC grew its position in shares of Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company’s stock worth $25,000 after buying an additional 45 shares during the last quarter. Finally, Darwin Wealth Management LLC purchased a new position in shares of Quanta Services during the second quarter valued at approximately $26,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.
Quanta Services Trading Up 2.3%
NYSE:PWR opened at $639.02 on Wednesday. The firm has a market capitalization of $96.07 billion, a P/E ratio of 73.20, a PEG ratio of 2.05 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. Quanta Services, Inc. has a one year low of $370.27 and a one year high of $788.75. The company’s 50-day simple moving average is $648.40 and its 200 day simple moving average is $644.97.
Quanta Services declared that its Board of Directors has authorized a share buyback plan on Friday, May 22nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
Quanta Services Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Thursday, October 1st will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $0.44 annualized dividend and a yield of 0.1%. Quanta Services’s payout ratio is 5.04%.
Analysts Set New Price Targets
PWR has been the subject of a number of research analyst reports. Citigroup raised their price target on Quanta Services from $837.00 to $871.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Guggenheim raised shares of Quanta Services from a “neutral” rating to a “buy” rating and set a $800.00 price objective on the stock in a research report on Friday, July 31st. Morgan Stanley cut shares of Quanta Services to an “underweight” rating in a research report on Monday, August 3rd. Truist Financial reaffirmed a “buy” rating and set a $976.00 target price (up from $940.00) on shares of Quanta Services in a research note on Monday, August 3rd. Finally, Oppenheimer upgraded shares of Quanta Services from a “market perform” rating to an “outperform” rating and set a $800.00 price target on the stock in a research report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $767.72.
View Our Latest Stock Analysis on Quanta Services
Quanta Services Profile
Quanta Services, Inc is an infrastructure solutions provider serving the electric power, communications, pipeline, industrial and renewable energy industries. The company designs, installs, repairs and maintains infrastructure used to generate, transmit and distribute electricity, as well as systems that support telecommunications, natural gas and other energy-related activities.
Its services include engineering, procurement and construction; utility and substation work; transmission and distribution projects; storm restoration; fiber-optic and wireless network deployment; pipeline construction and maintenance; and development of renewable energy and energy storage infrastructure.
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