Bank of Nova Scotia Raises Stake in Quanta Services, Inc. $PWR

Key Points

• Bank of Nova Scotia increased its Quanta Services stake by 16.2% in the first quarter, ending with 26,853 shares worth about $14.7 million.
• Insider selling was notable: CEO Earl C. Jr. Austin and CAO Paul Nobel both sold shares, and insiders have sold 159,992 shares worth roughly $123.2 million over the past three months.
• Quanta Services beat earnings expectations in its latest quarter, reporting $2.68 EPS on $7.87 billion in revenue, while analysts currently hold a Moderate Buy rating with an average price target of $745.55.

Bank of Nova Scotia raised its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 16.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,853 shares of the construction company's stock after acquiring an additional 3,741 shares during the quarter. Bank of Nova Scotia's holdings in Quanta Services were worth $14,743,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Evoke Wealth LLC acquired a new stake in Quanta Services in the 4th quarter valued at approximately $368,000. Sequoia Financial Advisors LLC raised its holdings in Quanta Services by 3.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 130,436 shares of the construction company's stock worth $55,052,000 after purchasing an additional 3,966 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Quanta Services by 9.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,602 shares of the construction company's stock worth $21,357,000 after purchasing an additional 4,568 shares in the last quarter. Lebenthal Global Advisors LLC lifted its position in Quanta Services by 9.8% during the 4th quarter. Lebenthal Global Advisors LLC now owns 9,277 shares of the construction company's stock worth $3,915,000 after buying an additional 830 shares in the last quarter. Finally, North Dakota State Investment Board bought a new position in shares of Quanta Services during the 4th quarter worth approximately $2,131,000. Institutional investors own 90.49% of the company's stock.

Insiders Place Their Bets

In other Quanta Services news, CEO Earl C. Jr. Austin sold 25,992 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.71, for a total value of $20,032,294.32. Following the transaction, the chief executive officer owned 16,508 shares of the company's stock, valued at $12,722,880.68. This trade represents a 61.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were 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. The trade was a 33.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 159,992 shares of company stock worth $123,244,714 over the last three months. 0.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PWR shares. Oppenheimer raised Quanta Services from a "market perform" rating to an "outperform" rating and set a $800.00 price target for the company in a research note on Thursday, May 28th. Roth Capital increased their target price on shares of Quanta Services from $600.00 to $650.00 and gave the stock a "buy" rating in a report on Monday, April 6th. Sanford C. Bernstein upped their target price on shares of Quanta Services from $538.00 to $725.00 and gave the company a "market perform" rating in a research report on Tuesday, May 5th. Wall Street Zen cut Quanta Services from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Jefferies Financial Group decreased their target price on Quanta Services from $857.00 to $784.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Seventeen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $745.55.

Quanta Services Stock Down 4.2%

PWR opened at $626.03 on Friday. Quanta Services, Inc. has a 12 month low of $363.01 and a 12 month high of $788.75. The stock has a market capitalization of $93.94 billion, a P/E ratio of 85.88, a P/E/G ratio of 2.46 and a beta of 1.21. The business has a 50 day simple moving average of $689.96 and a 200-day simple moving average of $605.59. 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 (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $2.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.64. The firm had revenue of $7.87 billion during the quarter, compared to the consensus estimate of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The company's quarterly revenue was up 26.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.78 EPS. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. On average, equities analysts anticipate that Quanta Services, Inc. will post 12.8 earnings per share for the current fiscal year.

Quanta Services announced that its Board of Directors has authorized a share repurchase plan on Friday, May 22nd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are typically 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 was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Wednesday, July 1st. Quanta Services's dividend payout ratio is presently 6.04%.

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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