Allstate Corp Grows Stock Holdings in Quanta Services, Inc. $PWR

Key Points

• Allstate Corp more than doubled its stake in Quanta Services during the fourth quarter, buying 5,678 additional shares to bring its total holding to 11,049 shares worth about $4.66 million.
• Quanta Services reported strong quarterly results, with EPS of $2.68 beating estimates and revenue of $7.87 billion topping forecasts; revenue also rose 26.3% from a year earlier.
• The company announced a $1 billion share buyback and a quarterly dividend of $0.11 per share, while analysts remain broadly positive with a consensus Moderate Buy rating and $730.86 price target.

Allstate Corp lifted its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 105.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,049 shares of the construction company's stock after buying an additional 5,678 shares during the quarter. Allstate Corp's holdings in Quanta Services were worth $4,663,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Quanta Services by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company's stock valued at $7,519,079,000 after buying an additional 386,937 shares in the last quarter. State Street Corp lifted its stake in Quanta Services by 1.2% in the 3rd quarter. State Street Corp now owns 6,080,747 shares of the construction company's stock worth $2,519,983,000 after purchasing an additional 73,460 shares in the last quarter. Bank of America Corp DE lifted its stake in Quanta Services by 35.6% in the 3rd quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company's stock worth $1,208,672,000 after purchasing an additional 765,822 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Quanta Services by 8.8% in the 3rd quarter. Victory Capital Management Inc. now owns 2,156,578 shares of the construction company's stock worth $893,139,000 after purchasing an additional 174,083 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Quanta Services by 5.4% in the 3rd quarter. Invesco Ltd. now owns 1,805,239 shares of the construction company's stock worth $748,127,000 after purchasing an additional 93,290 shares in the last quarter. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Stock Performance

Quanta Services stock opened at $743.18 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09. Quanta Services, Inc. has a 1-year low of $336.57 and a 1-year high of $788.75. The firm has a market capitalization of $111.52 billion, a P/E ratio of 101.95, a price-to-earnings-growth ratio of 2.48 and a beta of 1.24. The company's 50-day moving average is $638.82 and its 200 day moving average is $533.25.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion during the quarter, compared to analyst estimates of $7 billion. During the same period last year, the company earned $1.78 EPS. Quanta Services's quarterly revenue was up 26.3% compared to the same quarter last year. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Research analysts forecast that Quanta Services, Inc. will post 12.84 EPS for the current year.

Quanta Services declared that its board has initiated a share buyback plan on Friday, May 22nd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the construction company to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.11 per share. 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 dividend payout ratio (DPR) is 6.04%.

Insider Buying and Selling

In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $770.65, for a total transaction of $100,184,500.00. Following the transaction, the chief executive officer directly owned 556,911 shares of the company's stock, valued at approximately $429,183,462.15. This trade represents a 18.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at approximately $6,116,398.40. This trade represents a 33.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 159,992 shares of company stock worth $123,244,714. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on PWR. Argus boosted their price target on shares of Quanta Services from $540.00 to $650.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Mizuho boosted their target price on shares of Quanta Services from $580.00 to $693.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Weiss Ratings raised shares of Quanta Services from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 20th. UBS Group increased their price target on shares of Quanta Services from $646.00 to $900.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of Quanta Services from $627.00 to $805.00 and gave the company an "overweight" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Quanta Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $730.86.

About Quanta Services

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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