Edgestream Partners L.P. Decreases Position in Quanta Services, Inc. (NYSE:PWR)

Edgestream Partners L.P. reduced its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 94.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 827 shares of the construction company's stock after selling 13,959 shares during the period. Edgestream Partners L.P.'s holdings in Quanta Services were worth $210,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC acquired a new stake in Quanta Services during the 4th quarter worth $298,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Quanta Services during the fourth quarter worth about $495,000. Teacher Retirement System of Texas increased its position in shares of Quanta Services by 40.7% during the fourth quarter. Teacher Retirement System of Texas now owns 1,379 shares of the construction company's stock worth $436,000 after purchasing an additional 399 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Quanta Services by 181.8% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 186 shares of the construction company's stock valued at $59,000 after purchasing an additional 120 shares during the last quarter. Finally, Mizuho Securities USA LLC boosted its position in shares of Quanta Services by 46.4% in the 4th quarter. Mizuho Securities USA LLC now owns 13,990 shares of the construction company's stock valued at $4,422,000 after purchasing an additional 4,436 shares during the period. Institutional investors and hedge funds own 90.49% of the company's stock.

Quanta Services Stock Up 1.4%

PWR stock opened at $403.53 on Monday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.31 and a quick ratio of 1.26. The company's 50 day simple moving average is $362.17 and its 200-day simple moving average is $312.85. The firm has a market capitalization of $59.83 billion, a PE ratio of 65.09, a P/E/G ratio of 2.77 and a beta of 1.08. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $405.43.

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

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.10%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's dividend payout ratio is currently 6.45%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen raised Quanta Services from a "hold" rating to a "buy" rating in a research report on Friday, June 27th. UBS Group set a $413.00 price target on shares of Quanta Services and gave the company a "buy" rating in a research report on Thursday, June 12th. Truist Financial lowered their price objective on shares of Quanta Services from $398.00 to $324.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Stifel Nicolaus set a $411.00 target price on shares of Quanta Services and gave the company a "buy" rating in a report on Friday, July 11th. Finally, Piper Sandler reiterated an "overweight" rating and set a $370.00 target price (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Ten analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $355.75.

Quanta Services 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.

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