Quanta Services, Inc. (NYSE:PWR) Shares Purchased by Cary Street Partners Financial LLC

Key Points

• Cary Street Partners Financial LLC increased its stake in Quanta Services by 3.3%, acquiring an additional 1,105 shares, bringing its total holdings to 34,280 shares valued at approximately $8.7 million.
• Several analysts upgraded Quanta Services, with Roth Capital raising its price target from $350 to $450, while the company received an overall average rating of "Moderate Buy" with a consensus target price of $387.
• Quanta Services recently reported earnings of $2.48 per share, surpassing expectations with revenues of $6.77 billion, marking a 21.1% increase year-over-year.

Cary Street Partners Financial LLC increased its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.3% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 34,280 shares of the construction company's stock after buying an additional 1,105 shares during the quarter. Cary Street Partners Financial LLC's holdings in Quanta Services were worth $8,713,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. SCP Investment LP bought a new stake in shares of Quanta Services during the 1st quarter valued at about $966,000. Brighton Jones LLC purchased a new position in shares of Quanta Services during the 4th quarter valued at about $298,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Quanta Services by 3.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 68,770 shares of the construction company's stock valued at $17,480,000 after buying an additional 2,479 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Quanta Services by 60.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,568 shares of the construction company's stock valued at $404,000 after buying an additional 588 shares in the last quarter. Finally, Objectivity Squared LLC purchased a new position in shares of Quanta Services during the 1st quarter valued at about $213,000. 90.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PWR shares. JPMorgan Chase & Co. lifted their price objective on Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a research report on Tuesday, July 22nd. Truist Financial boosted their price target on Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Stifel Nicolaus boosted their price target on Quanta Services from $411.00 to $432.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Wall Street Zen raised Quanta Services from a "hold" rating to a "buy" rating in a report on Friday, June 27th. Finally, Citigroup boosted their price target on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Twelve analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Quanta Services has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Stock Down 0.3%

Shares of PWR traded down $1.30 during midday trading on Friday, reaching $386.05. 655,319 shares of the stock were exchanged, compared to its average volume of 1,261,717. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $424.94. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The company's 50 day moving average is $380.24 and its two-hundred day moving average is $320.69. The company has a market capitalization of $57.53 billion, a P/E ratio of 59.76, a PEG ratio of 2.30 and a beta of 1.10.

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

Quanta Services Announces Dividend

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

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.