Envestnet Asset Management Inc. Acquires 15,145 Shares of Quanta Services, Inc. (NYSE:PWR)

Envestnet Asset Management Inc. increased its position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 201,838 shares of the construction company's stock after acquiring an additional 15,145 shares during the period. Envestnet Asset Management Inc. owned about 0.14% of Quanta Services worth $51,303,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Quanta Services in the fourth quarter valued at approximately $544,937,000. Capital World Investors boosted its position in Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock valued at $2,282,978,000 after buying an additional 891,977 shares in the last quarter. GAMMA Investing LLC boosted its position in Quanta Services by 22,475.0% in the first quarter. GAMMA Investing LLC now owns 815,409 shares of the construction company's stock valued at $207,261,000 after buying an additional 811,797 shares in the last quarter. Bank of America Corp DE boosted its position in Quanta Services by 42.8% in the fourth quarter. Bank of America Corp DE now owns 1,691,652 shares of the construction company's stock valued at $534,647,000 after buying an additional 506,722 shares in the last quarter. Finally, Voya Investment Management LLC boosted its position in Quanta Services by 210.8% in the fourth quarter. Voya Investment Management LLC now owns 550,598 shares of the construction company's stock valued at $174,016,000 after buying an additional 373,429 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company's stock.

Analysts Set New Price Targets

PWR has been the topic of a number of research analyst reports. Truist Financial cut their target price 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. Northland Securities lowered shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $354.00 price target on the stock. in a report on Wednesday, July 2nd. Daiwa America upgraded shares of Quanta Services from a "hold" rating to a "strong-buy" rating in a report on Friday, April 11th. Citigroup cut their price target on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Finally, TD Cowen lifted their price target on shares of Quanta Services from $335.00 to $355.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Nine research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Quanta Services currently has a consensus rating of "Moderate Buy" and an average target price of $353.35.

Quanta Services Trading Up 0.9%

PWR opened at $383.63 on Friday. Quanta Services, Inc. has a 1-year low of $227.08 and a 1-year high of $388.00. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 0.58. The company has a market cap of $56.88 billion, a P/E ratio of 61.88, a price-to-earnings-growth ratio of 2.99 and a beta of 1.08. The company has a fifty day moving average price of $355.23 and a two-hundred day moving average price of $310.37.

Quanta Services (NYSE:PWR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.06. Quanta Services had a net margin of 3.74% and a return on equity of 18.06%. The firm 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 business's revenue was up 23.9% compared to the same quarter last year. Analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued 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%.

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.

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