CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Acquires 3,000 Shares of Quanta Services, Inc. $PWR

Key Points

• CUSHING ASSET MANAGEMENT LP has increased its position in Quanta Services, Inc. by 11.1% during the 2nd quarter, now holding 30,000 shares valued at approximately $11.34 million.
• Various institutional investors have also raised their stakes in Quanta Services, with strong ownership among them, totaling 90.49% of the company's stock.
• Analysts have issued positive ratings for Quanta Services, with a current average target price of $401.19 and several firms revising their previous price targets upward.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 11.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,000 shares of the construction company's stock after acquiring an additional 3,000 shares during the quarter. Quanta Services makes up about 0.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 29th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Quanta Services were worth $11,342,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Quanta Services by 2.4% in the first quarter. Vanguard Group Inc. now owns 17,417,299 shares of the construction company's stock valued at $4,427,129,000 after buying an additional 407,878 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Quanta Services during the 2nd quarter worth approximately $650,960,000. Nuveen LLC acquired a new stake in shares of Quanta Services in the 1st quarter valued at $404,288,000. Northern Trust Corp grew its stake in Quanta Services by 3.8% in the first quarter. Northern Trust Corp now owns 1,545,514 shares of the construction company's stock valued at $392,839,000 after acquiring an additional 56,081 shares during the period. Finally, Amundi raised its holdings in Quanta Services by 188.3% during the first quarter. Amundi now owns 1,206,577 shares of the construction company's stock worth $304,139,000 after acquiring an additional 788,079 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PWR shares. Daiwa America downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $414.00 target price (up from $364.00) on shares of Quanta Services in a research report on Wednesday, June 4th. Wall Street Zen downgraded Quanta Services from a "buy" rating to a "hold" rating in a research note on Saturday, August 30th. Seaport Res Ptn upgraded Quanta Services to a "hold" rating in a research note on Thursday, July 10th. Finally, DA Davidson upped their price target on shares of Quanta Services from $305.00 to $395.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Twelve equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $401.19.

Quanta Services Stock Performance

Quanta Services stock traded up $7.66 during mid-day trading on Monday, reaching $396.24. 812,060 shares of the company traded hands, compared to its average volume of 848,449. The company has a market capitalization of $59.04 billion, a price-to-earnings ratio of 61.34, a price-to-earnings-growth ratio of 2.31 and a beta of 1.01. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.37 and a quick ratio of 1.32. The firm's fifty day moving average is $388.08 and its two-hundred day moving average is $341.07. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $424.94.

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 for the quarter, topping the consensus estimate of $2.44 by $0.04. The firm had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The company's revenue for the quarter was up 21.1% on a year-over-year basis. During the same period last year, the firm posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, equities research analysts expect that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Wednesday, October 1st will be given 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 is Wednesday, October 1st. Quanta Services's payout ratio is presently 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.