Bank of Nova Scotia Sells 101,210 Shares of Quanta Services, Inc. (NYSE:PWR)

Key Points

• Bank of Nova Scotia has reduced its stake in Quanta Services by 87.2%, selling 101,210 shares and leaving it with 14,806 shares valued at approximately $3.76 million.
• Quanta Services reported strong earnings of $2.48 EPS for the recent quarter, exceeding estimates and showing a 21.1% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.10, representing a 0.1% dividend yield, with a payout ratio of 6.19%.

Bank of Nova Scotia cut its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 87.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,806 shares of the construction company's stock after selling 101,210 shares during the quarter. Bank of Nova Scotia's holdings in Quanta Services were worth $3,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of PWR. Brighton Jones LLC acquired a new position in shares of Quanta Services in the 4th quarter valued at approximately $298,000. World Investment Advisors acquired a new position in shares of Quanta Services in the 4th quarter valued at approximately $229,000. ExodusPoint Capital Management LP acquired a new position in shares of Quanta Services in the 4th quarter valued at approximately $2,541,000. Grantham Mayo Van Otterloo & Co. LLC bought a new stake in Quanta Services in the 4th quarter valued at approximately $1,746,000. Finally, Envestnet Asset Management Inc. lifted its stake in Quanta Services by 11.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 186,693 shares of the construction company's stock valued at $59,004,000 after acquiring an additional 18,548 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Price Performance

Shares of PWR traded down $1.30 during trading hours on Friday, hitting $386.05. 655,319 shares of the company were exchanged, compared to its average volume of 1,261,717. The company has a market cap of $57.53 billion, a price-to-earnings ratio of 59.76, a P/E/G ratio of 2.30 and a beta of 1.10. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59. The firm's fifty day moving average is $380.24 and its 200 day moving average is $320.44.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same period in the prior year, the firm posted $1.90 EPS. Quanta Services's quarterly revenue was up 21.1% on a year-over-year basis. On average, equities analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Tuesday, July 1st. Quanta Services's dividend payout ratio is currently 6.19%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Wall Street Zen upgraded Quanta Services from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Truist Financial boosted their target price on Quanta Services from $375.00 to $472.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Daiwa America cut Quanta Services from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. DA Davidson boosted their target price on Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Piper Sandler reiterated an "overweight" rating and set a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Twelve research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Quanta Services has a consensus rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Company 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.