Abundance Wealth Counselors Has $1.43 Million Position in Quanta Services, Inc. $PWR

Key Points

• Abundance Wealth Counselors reduced its stake in Quanta Services, Inc. by 42.4%, now holding 3,770 shares valued at $1.43 million.
• Analysts have mixed reviews on Quanta Services, with target prices ranging up to $492 and a current average price target of $404.27.
• The company recently reported $6.77 billion in revenue for the last quarter, exceeding estimates and reflecting a 21.1% year-over-year increase.

Abundance Wealth Counselors cut its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 42.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,770 shares of the construction company's stock after selling 2,777 shares during the quarter. Abundance Wealth Counselors' holdings in Quanta Services were worth $1,425,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PWR. SOA Wealth Advisors LLC. grew its holdings in Quanta Services by 159.3% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 70 shares of the construction company's stock valued at $26,000 after buying an additional 43 shares in the last quarter. Cullen Frost Bankers Inc. bought a new position in Quanta Services in the first quarter valued at about $25,000. WPG Advisers LLC bought a new position in Quanta Services in the first quarter valued at about $31,000. Webster Bank N. A. boosted its holdings in Quanta Services by 57.8% in the second quarter. Webster Bank N. A. now owns 131 shares of the construction company's stock worth $50,000 after acquiring an additional 48 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in shares of Quanta Services in the first quarter valued at approximately $35,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PWR shares. BMO Capital Markets lowered Quanta Services from an "outperform" rating to a "market perform" rating and raised their target price for the company from $352.00 to $400.00 in a report on Thursday, July 17th. Northland Securities lowered Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 target price on the stock. in a report on Wednesday, July 2nd. Citigroup raised their target price on Quanta Services from $432.00 to $492.00 and gave the company a "buy" rating in a report on Monday, July 28th. Truist Financial raised their target price on Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a report on Monday, August 4th. Finally, UBS Group raised their target price on Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a report on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $404.27.

Quanta Services Stock Performance

Shares of Quanta Services stock opened at $420.71 on Friday. The business's fifty day simple moving average is $389.67 and its 200 day simple moving average is $348.44. The firm has a market capitalization of $62.69 billion, a P/E ratio of 65.13, a price-to-earnings-growth ratio of 2.50 and a beta of 1.04. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $431.24. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The construction company reported $2.48 EPS for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%.Quanta Services's quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. As a group, analysts anticipate that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st will be paid a $0.10 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. Quanta Services's payout ratio is presently 6.19%.

Quanta Services 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.

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