Citizens Financial Group Inc. RI Sells 9,692 Shares of Quanta Services, Inc. (NYSE:PWR)

Key Points

• Citizens Financial Group Inc. reduced its stake in Quanta Services by 18.1%, selling 9,692 shares and holding 43,930 shares valued at approximately $11.17 million.
• Analysts have varied opinions on Quanta Services, with price targets being raised, including a target of $432.00 from Stifel Nicolaus and a consensus average price target of $390.18.
• Quanta Services recently reported $2.48 EPS for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.10 per share, indicating a 0.1% yield.

Citizens Financial Group Inc. RI cut its holdings in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,930 shares of the construction company's stock after selling 9,692 shares during the period. Citizens Financial Group Inc. RI's holdings in Quanta Services were worth $11,166,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PWR. Legacy Capital Wealth Partners LLC lifted its position in Quanta Services by 3.4% in the first 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 period. Commerzbank Aktiengesellschaft FI lifted its position in Quanta Services by 2.6% in the first 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 period. Cary Street Partners Investment Advisory LLC lifted its position in Quanta Services by 15.6% in the first 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 period. Kerntke Otto McGlone Wealth Management Group lifted its position in Quanta Services by 3.0% in the first quarter. Kerntke Otto McGlone Wealth Management Group now owns 1,356 shares of the construction company's stock worth $345,000 after purchasing an additional 39 shares during the period. Finally, HHM Wealth Advisors LLC lifted its position in Quanta Services by 16.7% in the first quarter. HHM Wealth Advisors LLC now owns 280 shares of the construction company's stock worth $71,000 after purchasing an additional 40 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. DA Davidson upped their target price on Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. TD Cowen increased their price objective on Quanta Services from $355.00 to $425.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Daiwa America downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Northland Capmk downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Finally, Northland Securities downgraded Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price objective for the company. in a research report on Wednesday, July 2nd. Twelve equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, Quanta Services currently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

Quanta Services Stock Performance

PWR stock traded down $1.30 during mid-day trading on Friday, reaching $386.05. 655,319 shares of the stock traded hands, compared to its average volume of 1,261,717. 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, Inc. has a 52 week low of $227.08 and a 52 week high of $424.94. The business has a 50-day moving average of $380.24 and a two-hundred day moving average of $320.44. The firm has a market capitalization of $57.53 billion, a PE ratio of 59.76, a P/E/G ratio of 2.30 and a beta of 1.10.

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 for the quarter, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The business had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same quarter last year, the company earned $1.90 earnings per share. The firm's revenue was up 21.1% on a year-over-year basis. As a group, equities analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors 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 (DPR) is currently 6.19%.

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.