Banque Pictet & Cie SA Sells 875 Shares of Quanta Services, Inc. $PWR

Key Points

• Banque Pictet & Cie SA reduced its stake in Quanta Services, Inc. by 8.0%, selling 875 shares to hold a total of 10,000 shares valued at approximately $3.78 million.
• Quanta Services announced a quarterly dividend of $0.10 per share, scheduled for payment on October 10th, reflecting a 0.1% dividend yield.
• The company reported Q2 earnings of $2.48 per share, exceeding estimates and marking a 21.1% increase in revenue year-over-year, with a total of $6.77 billion during the quarter.

Banque Pictet & Cie SA cut its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 8.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,000 shares of the construction company's stock after selling 875 shares during the period. Banque Pictet & Cie SA's holdings in Quanta Services were worth $3,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PWR. Pinnacle Wealth Planning Services Inc. raised its position in Quanta Services by 3.5% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company's stock worth $242,000 after purchasing an additional 32 shares during the last quarter. Frank Rimerman Advisors LLC boosted its holdings in Quanta Services by 1.1% in the first quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company's stock valued at $792,000 after acquiring an additional 34 shares during the last quarter. Legacy Capital Wealth Partners LLC raised its holdings in Quanta Services by 3.4% during the 1st quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company's stock worth $277,000 after purchasing an additional 36 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its holdings in Quanta Services by 2.6% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company's stock worth $365,000 after purchasing an additional 37 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Quanta Services by 15.6% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 282 shares of the construction company's stock worth $72,000 after purchasing an additional 38 shares during the last quarter. 90.49% of the stock is owned by institutional investors.

Quanta Services Price Performance

PWR opened at $406.00 on Friday. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $424.94. The company has a fifty day simple moving average of $388.49 and a 200 day simple moving average of $344.06. The stock has a market cap of $60.50 billion, a P/E ratio of 62.85, a P/E/G ratio of 2.38 and a beta of 1.01. The company has a quick ratio of 1.32, a current ratio of 1.37 and a debt-to-equity ratio of 0.59.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the prior year, the company earned $1.90 earnings per share. The company's revenue for the quarter was up 21.1% compared to the same quarter last year. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, research analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. Quanta Services's dividend payout ratio is currently 6.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PWR shares. Roth Capital reissued a "buy" rating and set a $450.00 price target (up from $350.00) on shares of Quanta Services in a research note on Tuesday, July 29th. TD Cowen upped their target price on shares of Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Seaport Res Ptn upgraded shares of Quanta Services to a "hold" rating in a research report on Thursday, July 10th. Jefferies Financial Group upgraded Quanta Services from a "hold" rating to a "buy" rating and upped their price objective for the company from $398.00 to $469.00 in a report on Wednesday. Finally, BMO Capital Markets downgraded Quanta Services from an "outperform" rating to a "market perform" rating and upped their price objective for the company from $352.00 to $400.00 in a report on Thursday, July 17th. Thirteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $404.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.