Gradient Investments LLC Has $18.30 Million Position in Quanta Services, Inc. (NYSE:PWR)

Gradient Investments LLC lifted its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 28.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,975 shares of the construction company's stock after acquiring an additional 16,153 shares during the quarter. Gradient Investments LLC's holdings in Quanta Services were worth $18,295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Quanta Services by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 17,009,421 shares of the construction company's stock worth $5,375,828,000 after acquiring an additional 161,277 shares during the last quarter. Capital World Investors increased its stake in shares of Quanta Services by 14.1% in the fourth quarter. Capital World Investors now owns 7,223,471 shares of the construction company's stock worth $2,282,978,000 after acquiring an additional 891,977 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Quanta Services by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 3,558,827 shares of the construction company's stock worth $1,121,830,000 after acquiring an additional 99,416 shares during the last quarter. Invesco Ltd. increased its stake in shares of Quanta Services by 3.7% in the fourth quarter. Invesco Ltd. now owns 1,913,847 shares of the construction company's stock worth $604,871,000 after acquiring an additional 68,565 shares during the last quarter. Finally, Norges Bank acquired a new position in Quanta Services during the fourth quarter worth $544,937,000. 90.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on PWR. Truist Financial lowered 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. Piper Sandler reiterated an "overweight" rating and issued a $370.00 target price (up previously from $360.00) on shares of Quanta Services in a research note on Tuesday, May 27th. Citigroup dropped their price target on shares of Quanta Services from $366.00 to $342.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Evercore ISI increased their price target on shares of Quanta Services from $331.00 to $360.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Finally, Roth Capital raised shares of Quanta Services to a "strong-buy" rating in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $344.85.

Quanta Services Trading Up 3.3%

PWR stock traded up $11.29 during midday trading on Tuesday, reaching $356.82. The company's stock had a trading volume of 1,133,626 shares, compared to its average volume of 1,548,859. Quanta Services, Inc. has a 52 week low of $227.08 and a 52 week high of $365.88. The stock has a market cap of $52.90 billion, a PE ratio of 59.17, a price-to-earnings-growth ratio of 1.41 and a beta of 1.02. The company has a quick ratio of 1.19, a current ratio of 1.30 and a debt-to-equity ratio of 0.56. The business's 50-day simple moving average is $297.68 and its 200-day simple moving average is $303.25.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly 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 company had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.88 billion. Quanta Services had a net margin of 3.82% and a return on equity of 18.00%. The business's quarterly revenue was up 23.9% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. As a group, sell-side analysts expect that Quanta Services, Inc. will post 9.34 EPS for the current year.

Quanta Services Dividend Announcement

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 given a $0.10 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $0.40 annualized dividend and a yield of 0.11%. Quanta Services's dividend payout ratio is currently 6.45%.

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.