Cibc World Market Inc. Buys 3,086 Shares of Quanta Services, Inc. $PWR

Key Points

• Cibc World Market Inc. increased its stake in Quanta Services by 5.0% in the fourth quarter, adding 3,086 shares and bringing its total holding to 65,328 shares worth about $27.6 million.
• Quanta Services reported strong quarterly results, with earnings of $2.68 per share topping estimates and revenue of $7.87 billion, up 26.3% from a year earlier.
• The company also announced a $1 billion share buyback program and a quarterly dividend of $0.11 per share, while analysts maintain a consensus Moderate Buy rating with an average price target of $733.87.

Cibc World Market Inc. lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,328 shares of the construction company's stock after acquiring an additional 3,086 shares during the quarter. Cibc World Market Inc.'s holdings in Quanta Services were worth $27,572,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Quanta Services by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,143,619 shares of the construction company's stock valued at $7,519,079,000 after purchasing an additional 386,937 shares during the period. State Street Corp boosted its holdings in Quanta Services by 1.2% in the 3rd quarter. State Street Corp now owns 6,080,747 shares of the construction company's stock worth $2,519,983,000 after buying an additional 73,460 shares during the period. Geode Capital Management LLC increased its stake in Quanta Services by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 4,086,544 shares of the construction company's stock worth $1,718,371,000 after buying an additional 110,360 shares in the last quarter. Bank of America Corp DE raised its holdings in Quanta Services by 35.6% during the third quarter. Bank of America Corp DE now owns 2,916,540 shares of the construction company's stock valued at $1,208,672,000 after acquiring an additional 765,822 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Quanta Services by 8.8% in the third quarter. Victory Capital Management Inc. now owns 2,156,578 shares of the construction company's stock valued at $893,139,000 after acquiring an additional 174,083 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Price Performance

PWR opened at $718.32 on Friday. The business has a fifty day moving average of $658.94 and a 200 day moving average of $546.71. The stock has a market cap of $107.79 billion, a P/E ratio of 98.53, a PEG ratio of 2.82 and a beta of 1.20. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 0.57. Quanta Services, Inc. has a 52-week low of $341.93 and a 52-week high of $788.75.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $2.68 earnings per share for the quarter, topping analysts' consensus estimates of $2.04 by $0.64. The business had revenue of $7.87 billion for the quarter, compared to analyst estimates of $7 billion. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The business's revenue was up 26.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.78 earnings per share. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. As a group, sell-side analysts anticipate that Quanta Services, Inc. will post 12.81 EPS for the current year.

Quanta Services Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Quanta Services's payout ratio is 6.04%.

Quanta Services declared that its Board of Directors has initiated a stock buyback program on Friday, May 22nd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the construction company to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PWR has been the topic of a number of research analyst reports. Mizuho boosted their price target on Quanta Services from $580.00 to $693.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. UBS Group lifted their price objective on shares of Quanta Services from $646.00 to $900.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Argus upped their target price on shares of Quanta Services from $540.00 to $650.00 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Robert W. Baird raised their target price on shares of Quanta Services from $606.00 to $777.00 and gave the company an "outperform" rating in a research note on Friday, May 1st. Finally, Stifel Nicolaus set a $784.00 price target on shares of Quanta Services in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $733.87.

Insider Transactions at Quanta Services

In related news, CEO Earl C. Jr. Austin sold 130,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $770.65, for a total value of $100,184,500.00. Following the completion of the sale, the chief executive officer owned 556,911 shares in the company, valued at approximately $429,183,462.15. The trade was a 18.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $756.98, for a total value of $3,027,920.00. Following the transaction, the chief accounting officer owned 8,080 shares in the company, valued at $6,116,398.40. The trade was a 33.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 159,992 shares of company stock worth $123,244,714 over the last 90 days. Insiders own 0.60% of the company's stock.

About Quanta Services

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.