OLD National Bancorp IN Makes New Investment in Quanta Services, Inc. $PWR

Key Points

• OLD National Bancorp IN has acquired a new stake in Quanta Services, Inc., purchasing 20,516 shares valued at approximately $7.76 million during the second quarter.
• Quanta Services reported strong quarterly earnings with $2.48 EPS, surpassing analyst expectations, and projected FY 2025 EPS guidance between 10.280-10.880.
• The company has announced a quarterly dividend of $0.10 per share, set to be paid on October 10th, with a 0.1% dividend yield.

OLD National Bancorp IN acquired a new stake in shares of Quanta Services, Inc. (NYSE:PWR - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 20,516 shares of the construction company's stock, valued at approximately $7,757,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PWR. Old Port Advisors increased its stake in shares of Quanta Services by 0.7% in the second quarter. Old Port Advisors now owns 3,944 shares of the construction company's stock worth $1,491,000 after purchasing an additional 26 shares in the last quarter. Pinnacle Wealth Planning Services Inc. increased its stake in Quanta Services by 3.5% in the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 951 shares of the construction company's stock worth $242,000 after buying an additional 32 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of Quanta Services by 1.1% in the first quarter. Frank Rimerman Advisors LLC now owns 3,114 shares of the construction company's stock valued at $792,000 after acquiring an additional 34 shares in the last quarter. Legacy Capital Wealth Partners LLC boosted its stake in shares of Quanta Services by 3.4% in the first quarter. Legacy Capital Wealth Partners LLC now owns 1,089 shares of the construction company's stock worth $277,000 after acquiring an additional 36 shares during the period. Finally, Commerzbank Aktiengesellschaft FI grew its position in shares of Quanta Services by 2.6% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,436 shares of the construction company's stock worth $365,000 after purchasing an additional 37 shares in the last quarter. 90.49% of the stock is owned by hedge funds and other institutional investors.

Quanta Services Stock Performance

NYSE:PWR opened at $421.88 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.32 and a current ratio of 1.37. The stock's fifty day moving average is $389.67 and its 200 day moving average is $350.63. The firm has a market capitalization of $62.86 billion, a PE ratio of 65.31, a PEG ratio of 2.50 and a beta of 1.04. Quanta Services, Inc. has a fifty-two week low of $227.08 and a fifty-two week high of $431.24.

Quanta Services (NYSE:PWR - Get Free Report) last posted 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. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. Quanta Services had a net margin of 3.73% and a return on equity of 18.41%. The business's revenue was up 21.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.90 earnings per share. Quanta Services has set its FY 2025 guidance at 10.280-10.880 EPS. On average, sell-side analysts anticipate that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.1%. The ex-dividend date is Wednesday, October 1st. Quanta Services's payout ratio is 6.19%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings restated a "buy (b-)" rating on shares of Quanta Services in a research note on Saturday, September 27th. Wall Street Zen downgraded shares of Quanta Services from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. Northland Capmk downgraded shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. Evercore ISI increased their target price on Quanta Services from $360.00 to $410.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, Sanford C. Bernstein cut shares of Quanta Services from an "outperform" rating to a "market perform" rating and set a $410.00 price target on the stock. in a research report on Monday, July 28th. Fourteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $404.27.

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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