Granite Group Advisors LLC Invests $240,000 in Quanta Services, Inc. $PWR

Key Points

• Granite Group Advisors LLC has invested $240,000 in Quanta Services, acquiring 635 shares, while other institutional investors have also significantly increased their holdings in the company during the second quarter.
• Wall Street analysts have mixed ratings on Quanta Services, with target prices ranging from $352 to $521, and an average rating of "Moderate Buy" alongside an average target price of $408.45.
• Quanta Services reported a quarterly EPS of $2.48, exceeding analysts' expectations, and has issued a dividend of $0.10 per share, resulting in a yield of 0.1%.

Granite Group Advisors LLC bought a new position in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 635 shares of the construction company's stock, valued at approximately $240,000.

Other hedge funds have also made changes to their positions in the company. Ritholtz Wealth Management grew its stake in shares of Quanta Services by 5.9% in the second quarter. Ritholtz Wealth Management now owns 4,897 shares of the construction company's stock worth $1,852,000 after acquiring an additional 271 shares in the last quarter. Bayforest Capital Ltd grew its position in shares of Quanta Services by 29.3% during the second quarter. Bayforest Capital Ltd now owns 1,430 shares of the construction company's stock worth $541,000 after buying an additional 324 shares in the last quarter. Sagespring Wealth Partners LLC lifted its stake in Quanta Services by 63.1% in the second quarter. Sagespring Wealth Partners LLC now owns 1,308 shares of the construction company's stock worth $491,000 after acquiring an additional 506 shares during the last quarter. Equitable Trust Co. purchased a new stake in Quanta Services during the 2nd quarter worth about $244,000. Finally, TD Asset Management Inc boosted its holdings in Quanta Services by 0.4% in the second quarter. TD Asset Management Inc now owns 120,564 shares of the construction company's stock valued at $45,583,000 after purchasing an additional 524 shares in the last quarter. Institutional investors and hedge funds own 90.49% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PWR shares. Evercore ISI increased their target price on shares of Quanta Services from $360.00 to $410.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. BMO Capital Markets cut Quanta Services from an "outperform" rating to a "market perform" rating and upped their target price for the company from $352.00 to $400.00 in a research report on Thursday, July 17th. Truist Financial boosted their price objective on Quanta Services from $472.00 to $521.00 and gave the company a "buy" rating in a research note on Wednesday, October 8th. DA Davidson lifted their price objective on shares of Quanta Services from $305.00 to $395.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Wall Street Zen cut Quanta Services from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Fourteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $408.45.

Quanta Services Stock Performance

Shares of PWR opened at $433.93 on Wednesday. Quanta Services, Inc. has a 12-month low of $227.08 and a 12-month high of $443.97. The stock has a market cap of $64.66 billion, a P/E ratio of 67.17, a PEG ratio of 2.55 and a beta of 1.04. The company has a current ratio of 1.37, a quick ratio of 1.32 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $393.46 and a two-hundred day moving average of $358.02.

Quanta Services (NYSE:PWR - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, topping analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The business had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.55 billion. During the same period last year, the company posted $1.90 EPS. The company's revenue was up 21.1% on a year-over-year basis. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. As a group, research analysts predict that Quanta Services, Inc. will post 9.34 EPS for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date was Wednesday, October 1st. Quanta Services's dividend payout ratio is currently 6.19%.

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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