Citigroup Inc. Purchases 193,118 Shares of Quanta Services, Inc. (NYSE:PWR)

Key Points

• Citigroup Inc. increased its holdings in Quanta Services by 50%, acquiring an additional 193,118 shares, bringing its total to approximately 579,562 shares valued at $147.3 million.
• Quanta Services reported a quarterly earnings per share (EPS) of $2.48, surpassing analyst expectations of $2.44, with revenue rising 21.1% year-over-year.
• The company recently announced a quarterly dividend of $0.10 per share, translating to an annual yield of 0.1%, and has a dividend payout ratio of 6.19%.

Citigroup Inc. lifted its stake in Quanta Services, Inc. (NYSE:PWR - Free Report) by 50.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 579,562 shares of the construction company's stock after acquiring an additional 193,118 shares during the period. Citigroup Inc. owned 0.39% of Quanta Services worth $147,313,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Quanta Services by 12.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 264,194 shares of the construction company's stock valued at $67,153,000 after purchasing an additional 29,030 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Quanta Services by 8.7% during the first quarter. Ontario Teachers Pension Plan Board now owns 2,203 shares of the construction company's stock valued at $560,000 after purchasing an additional 177 shares during the last quarter. Foster Dykema Cabot & Partners LLC raised its holdings in shares of Quanta Services by 3.4% during the first quarter. Foster Dykema Cabot & Partners LLC now owns 117,260 shares of the construction company's stock valued at $29,805,000 after acquiring an additional 3,832 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Quanta Services by 0.6% during the first quarter. Chicago Partners Investment Group LLC now owns 6,944 shares of the construction company's stock valued at $1,765,000 after acquiring an additional 43 shares during the period. Finally, Commonwealth Financial Services LLC raised its holdings in shares of Quanta Services by 3.6% during the first quarter. Commonwealth Financial Services LLC now owns 1,193 shares of the construction company's stock valued at $303,000 after acquiring an additional 41 shares during the period. 90.49% of the stock is owned by institutional investors and hedge funds.

Quanta Services Stock Down 0.5%

Shares of PWR traded down $1.92 during trading hours on Monday, reaching $384.23. The stock had a trading volume of 926,931 shares, compared to its average volume of 1,249,152. Quanta Services, Inc. has a 12 month low of $227.08 and a 12 month high of $424.94. The firm has a 50-day simple moving average of $381.01 and a 200 day simple moving average of $320.39. 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 market capitalization of $57.25 billion, a price-to-earnings ratio of 42.43, a P/E/G ratio of 2.30 and a beta of 1.10.

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, beating the consensus estimate of $2.44 by $0.04. Quanta Services had a return on equity of 18.41% and a net margin of 3.73%. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.55 billion. During the same period last year, the business earned $1.90 EPS. The business's revenue was up 21.1% on a year-over-year basis. Equities research analysts predict that Quanta Services, Inc. will post 9.34 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

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

Wall Street Analysts Forecast Growth

PWR has been the topic of a number of recent analyst reports. Northland Capmk lowered shares of Quanta Services from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of Quanta Services from $345.00 to $392.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Piper Sandler restated an "overweight" rating and set a $370.00 price target (up previously from $360.00) on shares of Quanta Services in a report on Tuesday, May 27th. Wall Street Zen upgraded shares of Quanta Services from a "hold" rating to a "buy" rating in a research note on Friday, June 27th. Finally, Roth Capital reiterated a "buy" rating and issued a $450.00 price objective (up previously from $350.00) on shares of Quanta Services in a research note on Tuesday, July 29th. Twelve analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $392.45.

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.