D.A. Davidson & CO. Reduces Stock Position in Quanta Services, Inc. (NYSE:PWR)

D.A. Davidson & CO. lowered its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 3.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 52,979 shares of the construction company's stock after selling 1,671 shares during the period. D.A. Davidson & CO.'s holdings in Quanta Services were worth $13,466,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of PWR. Brighton Jones LLC acquired a new position in Quanta Services in the fourth quarter valued at about $298,000. SVB Wealth LLC acquired a new position in shares of Quanta Services in the 4th quarter valued at approximately $323,000. Fisher Asset Management LLC lifted its holdings in shares of Quanta Services by 40.1% during the 4th quarter. Fisher Asset Management LLC now owns 989 shares of the construction company's stock worth $313,000 after acquiring an additional 283 shares during the period. Modera Wealth Management LLC bought a new position in Quanta Services in the fourth quarter valued at approximately $215,000. Finally, SBI Securities Co. Ltd. bought a new stake in Quanta Services during the fourth quarter worth $227,000. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Stock Up 3.5%

PWR traded up $13.10 during trading on Friday, hitting $386.51. 869,625 shares of the company's stock were exchanged, compared to its average volume of 1,121,142. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 0.58. The business's 50 day moving average is $347.47 and its two-hundred day moving average is $308.59. The stock has a market cap of $57.30 billion, a P/E ratio of 62.34, a PEG ratio of 3.01 and a beta of 1.08. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $387.37.

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

Quanta Services Announces Dividend

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

Analyst Upgrades and Downgrades

PWR has been the subject of several research reports. BMO Capital Markets set a $352.00 price objective on shares of Quanta Services in a research note on Friday, May 2nd. Argus set a $375.00 price target on Quanta Services in a research note on Monday, May 5th. Stifel Nicolaus boosted their price objective on Quanta Services from $306.00 to $363.00 and gave the stock a "buy" rating in a research report on Monday, May 5th. The Goldman Sachs Group reiterated 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. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $370.00 price objective (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Eight research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $350.95.

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.