Park National Corp OH Raises Holdings in Quanta Services, Inc. $PWR

Key Points

• Park National Corp OH increased its stake in Quanta Services by 4.4% in the first quarter, holding 44,337 shares valued at about $24.3 million at quarter-end.
• Quanta Services reported strong quarterly results, with EPS of $2.68 beating estimates and revenue of $7.87 billion topping forecasts; revenue rose 26.3% year over year.
• The company also announced a $1 billion share buyback and a quarterly dividend of $0.11 per share, while analysts remain generally upbeat with a consensus Moderate Buy rating and an average price target of $733.87.

Park National Corp OH lifted its position in Quanta Services, Inc. (NYSE:PWR - Free Report) by 4.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,337 shares of the construction company's stock after purchasing an additional 1,878 shares during the quarter. Park National Corp OH's holdings in Quanta Services were worth $24,342,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PWR. Cedar Mountain Advisors LLC increased its stake in Quanta Services by 321.4% in the 4th quarter. Cedar Mountain Advisors LLC now owns 59 shares of the construction company's stock worth $25,000 after acquiring an additional 45 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Quanta Services during the 4th quarter valued at approximately $28,000. Darwin Wealth Management LLC bought a new position in shares of Quanta Services during the 2nd quarter valued at approximately $26,000. MV Capital Management Inc. purchased a new position in shares of Quanta Services in the fourth quarter valued at $30,000. Finally, Meeder Asset Management Inc. grew its holdings in shares of Quanta Services by 221.7% in the fourth quarter. Meeder Asset Management Inc. now owns 74 shares of the construction company's stock valued at $31,000 after purchasing an additional 51 shares in the last quarter. 90.49% of the stock is currently owned by hedge funds and other institutional investors.

Quanta Services Stock Up 0.3%

Shares of NYSE PWR opened at $704.35 on Friday. Quanta Services, Inc. has a 1 year low of $358.38 and a 1 year high of $788.75. The firm has a 50-day simple moving average of $690.42 and a two-hundred day simple moving average of $565.56. The company has a market cap of $105.70 billion, a P/E ratio of 96.62, a PEG ratio of 2.76 and a beta of 1.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.14 and a quick ratio of 1.09.

Quanta Services (NYSE:PWR - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $2.68 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.64. Quanta Services had a return on equity of 18.64% and a net margin of 3.67%.The firm had revenue of $7.87 billion for the quarter, compared to analysts' expectations of $7 billion. During the same quarter in the prior year, the firm posted $1.78 earnings per share. The company's quarterly revenue was up 26.3% on a year-over-year basis. Quanta Services has set its FY 2026 guidance at 13.550-14.250 EPS. Research analysts anticipate that Quanta Services, Inc. will post 12.81 earnings per share for the current year.

Quanta Services declared that its Board of Directors has approved a share buyback program on Friday, May 22nd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the construction company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

Quanta Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.11 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $0.44 dividend on an annualized basis and a yield of 0.1%. Quanta Services's dividend payout ratio (DPR) is presently 6.04%.

Insiders Place Their Bets

In other news, CEO Earl C. Jr. Austin sold 25,992 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $770.71, for a total value of $20,032,294.32. Following the transaction, the chief executive officer directly owned 16,508 shares in the company, valued at approximately $12,722,880.68. This represents a 61.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Paul Nobel sold 4,000 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $756.98, for a total transaction of $3,027,920.00. Following the completion of the transaction, the chief accounting officer directly owned 8,080 shares in the company, valued at $6,116,398.40. This represents a 33.11% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 159,992 shares of company stock worth $123,244,714. Insiders own 0.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PWR shares. Sanford C. Bernstein upped their price target on shares of Quanta Services from $538.00 to $725.00 and gave the company a "market perform" rating in a research note on Tuesday, May 5th. UBS Group lifted their price objective on shares of Quanta Services from $646.00 to $900.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. BMO Capital Markets boosted their target price on shares of Quanta Services from $650.00 to $800.00 and gave the stock an "outperform" rating in a report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of Quanta Services from $627.00 to $805.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Finally, Stifel Nicolaus set a $784.00 price target on shares of Quanta Services in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $733.87.

Quanta Services Company Profile

Quanta Services, Inc is a leading specialty contractor that provides comprehensive infrastructure solutions for the electric power, pipeline and energy, and communications markets. Headquartered in Houston, Texas, the company delivers engineering, procurement, construction, installation, maintenance and repair services that support the development, modernization and ongoing operation of critical energy and communications networks.

In the electric power sector, Quanta works on transmission and distribution systems, substation construction and grid modernization projects that include integration of renewable generation and energy storage.

Want to see what other hedge funds are holding PWR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quanta Services, Inc. (NYSE:PWR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.