Picton Mahoney Asset Management Boosts Holdings in Quanta Services, Inc. (NYSE:PWR)

Key Points

• Picton Mahoney Asset Management increased its holdings in Quanta Services by 50.6%, owning 61,392 shares valued at approximately $15.6 million by the end of the last reporting period.
• Quanta Services reported EPS of $1.78 for the last quarter, exceeding analyst estimates, alongside a 23.9% year-over-year revenue growth to $6.23 billion.
• Despite solid earnings, Quanta Services' stock was recently dropped 2.4%, with analysts maintaining a majority "buy" rating and an average price target of $371.67.

Picton Mahoney Asset Management lifted its holdings in Quanta Services, Inc. (NYSE:PWR - Free Report) by 50.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,392 shares of the construction company's stock after purchasing an additional 20,617 shares during the period. Picton Mahoney Asset Management's holdings in Quanta Services were worth $15,606,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new stake in shares of Quanta Services during the fourth quarter worth $298,000. Teacher Retirement System of Texas boosted its holdings in Quanta Services by 40.7% in the fourth quarter. Teacher Retirement System of Texas now owns 1,379 shares of the construction company's stock valued at $436,000 after purchasing an additional 399 shares during the period. Loomis Sayles & Co. L P acquired a new position in Quanta Services during the 4th quarter worth $63,000. Pictet Asset Management Holding SA increased its holdings in Quanta Services by 14.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 94,009 shares of the construction company's stock worth $29,712,000 after purchasing an additional 11,569 shares during the period. Finally, Orion Portfolio Solutions LLC raised its position in Quanta Services by 1.3% in the 4th quarter. Orion Portfolio Solutions LLC now owns 13,002 shares of the construction company's stock valued at $4,109,000 after purchasing an additional 165 shares in the last quarter. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Trading Down 2.4%

Shares of Quanta Services stock opened at $411.57 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.26 and a current ratio of 1.31. The company has a market capitalization of $61.02 billion, a P/E ratio of 66.38, a PEG ratio of 2.90 and a beta of 1.08. Quanta Services, Inc. has a 1 year low of $227.08 and a 1 year high of $424.94. The company's fifty day moving average is $369.96 and its two-hundred day moving average is $316.54.

Quanta Services (NYSE:PWR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The construction company reported $1.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.72 by $0.06. The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.88 billion. Quanta Services had a return on equity of 18.06% and a net margin of 3.74%. The business's revenue was up 23.9% on a year-over-year basis. During the same quarter last year, the company posted $1.41 earnings per share. Analysts forecast that Quanta Services, Inc. will post 9.34 earnings per share for the current year.

Quanta Services Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.10%. The ex-dividend date of this dividend was Tuesday, July 1st. Quanta Services's dividend payout ratio (DPR) is presently 6.45%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Northland Capmk downgraded Quanta Services from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 2nd. Stifel Nicolaus boosted their price target on shares of Quanta Services from $363.00 to $411.00 and gave the stock a "buy" rating in a report on Friday, July 11th. TD Cowen raised their price objective on shares of Quanta Services from $335.00 to $355.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Quanta Services from $345.00 to $392.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 22nd. Finally, UBS Group raised their price target on Quanta Services from $413.00 to $474.00 and gave the company a "buy" rating in a research note on Friday. Eleven investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $371.67.

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.

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