Quanta Services, Inc. (NYSE:PWR) Stake Lowered by Citizens Financial Group Inc. RI

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 reduced its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,930 shares of the construction company's stock after selling 9,692 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Quanta Services were worth $11,166,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Transatlantique SA acquired a new position in Quanta Services in the fourth quarter valued at approximately $25,000. Quarry LP acquired a new position in Quanta Services in the fourth quarter valued at approximately $26,000. Cullen Frost Bankers Inc. acquired a new position in shares of Quanta Services during the first quarter worth approximately $25,000. OLD Second National Bank of Aurora acquired a new position in shares of Quanta Services during the first quarter worth approximately $42,000. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Quanta Services during the first quarter worth approximately $43,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Stock Down 0.3%

NYSE:PWR traded down $1.30 during trading hours on Friday, hitting $386.05. 655,319 shares of the stock traded hands, compared to its average volume of 1,261,717. The firm has a 50 day moving average price of $380.24 and a 200 day moving average price of $320.69. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94. The firm has a market cap of $57.53 billion, a price-to-earnings ratio of 59.76, a PEG ratio of 2.30 and a beta of 1.10.

Quanta Services (NYSE:PWR - Get Free Report) last announced its earnings results on Thursday, July 31st. The construction company reported $2.48 earnings per share (EPS) 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 company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. During the same period in the previous year, the business earned $1.90 EPS. The company's revenue was up 21.1% on a year-over-year basis. Equities research 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 announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's payout ratio is 6.19%.

Wall Street Analyst Weigh In

PWR has been the subject of several analyst reports. DA Davidson boosted their price objective on Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Stifel Nicolaus boosted their price objective on Quanta Services from $411.00 to $432.00 and gave the stock a "buy" rating in a research report on Monday. The Goldman Sachs Group reiterated a "buy" rating and set a $414.00 price objective (up from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Truist Financial boosted their price objective on Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research report on Monday. Finally, TD Cowen boosted their price objective on Quanta Services from $355.00 to $425.00 and gave the stock a "buy" rating in a research report on Tuesday. Twelve analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, Quanta Services presently has a consensus rating of "Moderate Buy" and a consensus price target of $392.45.

About Quanta Services

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.