HighTower Advisors LLC Increases Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• HighTower Advisors LLC increased its stake in Quanta Services, Inc. by 19.0%, owning 131,277 shares valued at approximately $33.37 million after acquiring an additional 20,994 shares.
• Quanta Services upcoming earnings forecasts predict a notable improvement, with analysts estimating 9.34 earnings per share for the current year.
• The company recently declared a quarterly dividend of $0.10, resulting in an annual yield of 0.1%, reflecting a payout ratio of 6.19%.

HighTower Advisors LLC lifted its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 131,277 shares of the construction company's stock after purchasing an additional 20,994 shares during the quarter. HighTower Advisors LLC owned about 0.09% of Quanta Services worth $33,368,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PWR. Brighton Jones LLC purchased a new position in shares of Quanta Services during the fourth quarter worth $298,000. Sagespring Wealth Partners LLC purchased a new position in shares of Quanta Services during the fourth quarter worth $212,000. Mariner LLC boosted its position in shares of Quanta Services by 26.6% during the fourth quarter. Mariner LLC now owns 35,216 shares of the construction company's stock worth $11,130,000 after buying an additional 7,392 shares during the period. Guggenheim Capital LLC boosted its position in shares of Quanta Services by 182.3% during the fourth quarter. Guggenheim Capital LLC now owns 5,700 shares of the construction company's stock worth $1,801,000 after buying an additional 3,681 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Quanta Services during the fourth quarter worth $640,000. Institutional investors and hedge funds own 90.49% of the company's stock.

Analyst Ratings Changes

PWR has been the subject of several research analyst reports. Truist Financial raised their price target on Quanta Services from $375.00 to $472.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. Citigroup lifted their target price on Quanta Services from $432.00 to $492.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Northland Capmk cut Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Seaport Res Ptn upgraded Quanta Services to a "hold" rating in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. lifted their target price on Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Twelve analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $392.45.

Quanta Services Stock Performance

PWR traded up $2.45 during trading on Friday, reaching $379.96. The company's stock had a trading volume of 1,436,415 shares, compared to its average volume of 1,312,980. Quanta Services, Inc. has a 52-week low of $227.08 and a 52-week high of $424.94. The company's fifty day moving average price is $382.86 and its 200-day moving average price is $322.64. The company has a market capitalization of $56.62 billion, a price-to-earnings ratio of 58.82, a price-to-earnings-growth ratio of 2.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37.

Quanta Services (NYSE:PWR - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The construction company reported $2.48 earnings per share for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The company had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.55 billion. During the same quarter in the previous year, the company earned $1.90 EPS. The firm's revenue for the quarter was up 21.1% compared to the same quarter last year. On average, equities analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's payout ratio is currently 6.19%.

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.