Canvas Wealth Advisors LLC Takes $655,000 Position in Quanta Services, Inc. (NYSE:PWR)

Canvas Wealth Advisors LLC bought a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,502 shares of the construction company's stock, valued at approximately $655,000.

A number of other hedge funds have also added to or reduced their stakes in PWR. Banque Transatlantique SA bought a new position in shares of Quanta Services during the 4th quarter worth about $25,000. Quarry LP acquired a new position in Quanta Services during the 4th quarter worth approximately $26,000. Rakuten Securities Inc. boosted its holdings in Quanta Services by 1,027.3% in the fourth quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock worth $39,000 after acquiring an additional 113 shares in the last quarter. OLD Second National Bank of Aurora acquired a new stake in Quanta Services in the first quarter valued at approximately $42,000. Finally, Sound Income Strategies LLC increased its holdings in shares of Quanta Services by 77.9% during the first quarter. Sound Income Strategies LLC now owns 185 shares of the construction company's stock valued at $47,000 after acquiring an additional 81 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors.

Quanta Services Stock Up 1.6%

PWR stock opened at $380.04 on Friday. The stock has a fifty day moving average of $334.47 and a 200-day moving average of $306.72. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $381.12. The company has a market capitalization of $56.34 billion, a price-to-earnings ratio of 61.30, a PEG ratio of 2.91 and a beta of 1.07. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The construction company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.88 billion. During the same period in the prior year, the firm earned $1.41 earnings per share. The company's revenue was up 23.9% compared to the same quarter last year. As a group, equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, July 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.11%. Quanta Services's payout ratio is 6.45%.

Analyst Ratings Changes

Several analysts recently issued reports on PWR shares. BMO Capital Markets set a $352.00 price target on shares of Quanta Services in a research report on Friday, May 2nd. Stifel Nicolaus boosted their target price on shares of Quanta Services from $306.00 to $363.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. The Goldman Sachs Group restated a "buy" rating and issued a $414.00 target price (up previously from $364.00) on shares of Quanta Services in a report on Wednesday, June 4th. Daiwa America upgraded Quanta Services from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 11th. Finally, Argus set a $375.00 price objective on Quanta Services in a report on Monday, May 5th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Quanta Services has an average rating of "Moderate Buy" and a consensus target price of $349.65.

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.

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