CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Trims Position in Quanta Services, Inc. (NYSE:PWR)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 12.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,000 shares of the construction company's stock after selling 3,700 shares during the quarter. Quanta Services accounts for about 0.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 28th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Quanta Services were worth $6,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Banque Transatlantique SA bought a new stake in Quanta Services in the 4th quarter worth approximately $25,000. Quarry LP purchased a new position in shares of Quanta Services during the fourth quarter worth approximately $26,000. Rakuten Securities Inc. lifted its holdings in shares of Quanta Services by 1,027.3% in the 4th quarter. Rakuten Securities Inc. now owns 124 shares of the construction company's stock worth $39,000 after acquiring an additional 113 shares during the last quarter. OLD Second National Bank of Aurora purchased a new stake in shares of Quanta Services in the 1st quarter valued at $42,000. Finally, Sound Income Strategies LLC raised its position in Quanta Services by 77.9% in the 1st quarter. Sound Income Strategies LLC now owns 185 shares of the construction company's stock worth $47,000 after purchasing an additional 81 shares during the period. Hedge funds and other institutional investors own 90.49% of the company's stock.

Quanta Services Stock Up 0.6%

Shares of PWR traded up $2.21 on Friday, hitting $381.68. 3,687,738 shares of the stock traded hands, compared to its average volume of 972,807. Quanta Services, Inc. has a one year low of $227.08 and a one year high of $382.79. The company has a market capitalization of $56.59 billion, a PE ratio of 61.56, a P/E/G ratio of 2.95 and a beta of 1.07. The business has a 50 day simple moving average of $336.76 and a 200 day simple moving average of $307.14. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31.

Quanta Services (NYSE:PWR - Get Free Report) last issued its earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.72 by $0.06. The business had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. Quanta Services's revenue was up 23.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.41 EPS. As a group, equities analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend is Tuesday, July 1st. Quanta Services's dividend payout ratio (DPR) is presently 6.45%.

Analyst Ratings Changes

A number of research firms have recently weighed in on PWR. Citigroup dropped their price objective on Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Piper Sandler restated an "overweight" rating and set a $370.00 price target (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. UBS Group set a $413.00 target price on Quanta Services and gave the company a "buy" rating in a research note on Thursday, June 12th. Argus set a $375.00 price target on Quanta Services in a research note on Monday, May 5th. Finally, BMO Capital Markets set a $352.00 price objective on shares of Quanta Services in a research report on Friday, May 2nd. Six equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Quanta Services currently has an average rating of "Moderate Buy" and a consensus price target of $349.65.

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.